Balance Sheet 2020 Income Statement 2020 Assets Sales $ 530,000 Cash $ 280,000 Cost of Goods Sold 148,400 Accounts Receivable 117,600 Gross Profit $ 381,600 Inventory 89,600 Interest Income 53,000...

Extracted text: Balance Sheet 2020 Income Statement 2020 Assets Sales $ 530,000 Cash $ 280,000 Cost of Goods Sold 148,400 Accounts Receivable 117,600 Gross Profit $ 381,600 Inventory 89,600 Interest Income 53,000 14,000 $ 501,200 Prepaid Expenses Total Income $ 434,600 Total Current Assets Sales Salaries 121,900 Fixed Assets 33,600 Office Salaries 26,500 Total Assets $ 534,800 Office Equipment Rental 37,100 Liabilities & Equity Interest Expense 15,900 Accounts Payable $ 90,916 General & Administrative 4,770 Notes Payable 48,132 Total Expenses 206,170 Accrued Expenses 42,784 Income Before Tax 228,430 Taxes Payable 37,436 Income Taxes 132,500 Deferred Taxes 48,132 Net Income $ 95,930 Total Current Liabilities $ 267,400 Long-Term Notes 123,004 Total Liabilities $ 390,404 Capital Stock 53,480 Retained Earnings 90,916 $ 144,396 $ 534,800 Total Equity Total Liabilities & Equity