Excel Exercise: Chapter 3 Financial statement analysis. The financial statements of Acme Corporation for the year ended December 31, 2020, follow. Acme Corporation Income Statement for the Year Ended December 31, 2020 Sales revenue $ 160,000 Less: Cost of goods sold 106,000 Gross profits $ 54,000 Less: Operating expenses Selling expense $ 16,000 General and administrative expense 10,000 Lease expense 1,000 Depreciation expen 10,000 Total operating expense $ 37,000 Operating profits Less: Interest expense Net profits before taxes $ 17,000 6,100 $ 10,900 Less: Taxes Net profits after tax 4,360 $ 6,540 Acme Corporation Balance Sheet December 31, 2020 Assets Cash $ 500 Marketable securities 1,000 Accounts receivable 25,000 Inventories 45,500 Total current assets $ 72,000 Land $ 26,000 Buildings and equipment 90,000 Less: Accumulated depreciation 38,000