Podracer Productions provides the
following income statement for the year ended December 31,
2017.
Income Statement
Sales
$1,530,600
Interest revenue
17,250
Cost of goods sold
(895,400)
General expenses
(255,400)
Depreciation expense
(23,500)
Salaries expense
(114,300)
Interest expense
(12,500)
Income tax expense
(85,500)
Loss on sale of equipment
(9,500)
Net income
$ 151,750
In addition, Podracer provides the
following balance sheet information
Dec 31, 2017
Dec. 31, 2016
Accounts Receivable
$250,400
$225,400
Interest Receivable
2,100
2,250
Inventory
74,300
59,550
Prepaid General...