Hamburger heaven’s income statement for the current year and selected balance sheet data for the current and prior years ended december 31 are presented below. income statementsales revenue $ 2,200expenses: cost of goods sold 930depreciation expense 230salaries and wages expense 530rent expense 280insurance expense 83interest expense 63utilities expense 53net income $ 31selected balance sheet accountscurrent year prior yearinventory $ 88 $ 63accounts receivable 395 480accounts payable 215 240salaries/wages payable 35 23utilities payable 23 66prepaid rent 2 10prepaid insurance 14 5tip: prepaid rent decreased because the amount taken out of prepaid rent (and subtracted from net income as rent expense) was more than the amount paid for rent in cash during the current year.