portions of the financial statements for software associates are provided below. software associates income statement for the year ended december 31, 2024 net sales $609,000 expenses: cost of goods sold $369,000 operating expenses 119,000 depreciation expense 31,900 income tax expense 43,500 total expenses 563,400 net income $45,600 software associates selected balance sheet data december 31, 2024, compared to december 31, 2023 decrease in accounts receivable $8,900 decrease in inventory 11,900 increase in prepaid rent 1,900 decrease in salaries payable 2,900 increase in accounts payable 5,900 increase in income tax payable 6,900
