Proctoring Enabled: Test 1_$2022 6 The comparative financial statements prepared at December 81, 2017, for Candian Shields Company showed the following summarized data: 2017 2016 Income Statement Sales Revenue" $121,000 $110,000 10 Cost of Goods Sold 56,400 52,400 points Gross Profit 64, 600 57,600 Operating Expenses 39, 300 36, 300 00:31:04 Interest Expense 3,900 3,960 Income before Income Tax Expense 21, 400 17, 400 Income Tax Expense (30%) 6,420 5, 220 Net Income $ 14,980 $ 12, 180 Balance Sheet Cash $ 48, 428 $ 13, 030 Accounts Receivable, Net 36,000 37,500 Inventory 30,500 37,600 Property and equipment, Net 93,000 103,000 Total Assets $207,928 $190,530 Accounts Payable $ 42, 558 $ 34, 140 Income Tax Payable 990 490 Note Payable, Long-Term 39,000 39,000 Quiz Total Liabilities 82, 548 73,630 Contributed Capital (8,950 shares) 89,500 89,500 Retained Earningst 35, 880 27, 400 10 Total Liabilities and Shareholders' Equity $207, 928 $190, 530 One-half of all sales are on credit. Colla During 2017, cash dividends amounting to $6,500 were declared and paid