Chapter 16 Assignment (5Qs) Saved Help Save & Exit ICE Drilling Inc.'s balance sheet information and income statement are as follows: 2 20 points $1,109,800 551,000 $ 558,800 ICE Drilling Inc. Income Statement For Year Ended December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense $ 33,000 Other expenses 303,960 Total operating expenses Profit from operations Loss on sale of equipment Profit before taxes Income taxes eBook Print 336,960 $ 221,840 9,680 $ 212,160 25,360 $ 186,800 Profit ICE Drilling Inc. Comparative Balance Sheet Information December 31 2020 2019 Cash $ 102,680 $ 162,640 Accounts receivable 136,600 102,160 Merchandise inventory 604,200 556,600 Prepaid expenses 11,950 13,000 Enimont 255 ARA 727 Aaa Chapter 16 Assignment (5Qs) Saved Help Save & Exit ICE Drilling Inc.'s balance sheet information and income statement are as follows: 2 20 points $1,109,800 551,000 $ 558,800 ICE Drilling Inc. Income Statement For Year Ended December 31, 2020 Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense $ 33,000 Other expenses 303,960 Total operating expenses Profit from operations Loss on sale of equipment Profit before taxes Income taxes eBook Print 336,960 $ 221,840 9,680 $ 212,160 25,360 $ 186,800 Profit ICE Drilling Inc. Comparative Balance Sheet Information December 31 2020 2019 Cash $ 102,680 $ 162,640 Accounts receivable 136,600 102,160 Merchandise inventory 604,200 556,600 Prepaid expenses 11,950 13,000 Enimont 255 ARA 727 Aaa