A company reported the following: Cost of Goods Sold $ 230,000 General, Selling, and Administrative Expenses 10,000 Income Tax Expense 9,700 Inventory 18,000 Net Income 27,900 Sales Revenue 285,000 Sales Discounts 3,900 Sales Returns and Allowances
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At the beginning of this year, Blauser Industries had net fixed assets of $21,506 and total assets of $32,687. At year's end, net fixed assets are $20,492 and total assets are $32,915. The annual depreciation expense is $1,520.
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