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value: 5.00 points Selected balance sheet information and the income statement for Fountainhead Corporation for...

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Accounting

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value: 5.00 points Selected balance sheet information and the income statement for Fountainhead Corporation for the current year are presented below Selected Balance Sheet Accounts Prior Year Current Year $ 22,000 $15,000 33,000 Accounts Receivable Merchandise Inventory Prepaid Rent Accounts Payable Salaries and Wages Payable 30,000 2,000 17,000 4,000 22,000 6,000 Income Statement $450,000 Sales Revenue Expenses Cost of Goods Sold Salaries Expense Rent Expense Insurance Expense Interest Expense Utilities Expense 260,000 30,000 45,000 18,000 18,000 16,500 15,000 Net Income 47,500

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