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The income statement for Wholly Bagel Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of the year are as follows:
Sales
$184,000
Cost of merchandise sold
67,000
Gross profit
$117,000
Operating expenses:
Depreciation expense
$14,500
Other operating expenses
49,000
Total operating expenses
63,500
Income before income tax
$ 53,500
Income tax expense
15,400
Net income
$ 38,100
Beginning of
End of Year
Year
Accounts receivable (net)
$14,800
$12,900
Inventories
38,100
33,100
Prepaid expenses
6,000
6,600
Accounts payable (merchandise creditors)
27,900
25,900
Accrued expenses (operating expenses)
7,900
8,600
Income tax payable
1,500
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