Balance Sheet 12/31/20XX
ASSETS LIABILITIES
Current Assets Current Liabilities
Cash $310,000 Accounts payable $130,000
Accounts receivable $225,000 Short-term notes $32,000
Doubtful accounts $25,000 Interest payable $35,000
Inventory $275,000 Taxes payable $12,000
Temporary investment $10,000 Accrued payroll $20,000
Prepaid expenses $5,000 Total Current Liabilities $241,000
Total Current Assets $850,000
Fixed Assets
Long-term investments $20,000
Land $35,000
Buildings less accumulated depreciation $125,000
Plant and equipment less accumulated depreciation $30,000
Furniture and fixtures less accumulated depreciation $650,000
Total Net Fixed Assets $820,000
Long-term Liabilities
Mortgage $700,000
Other long-term liabilities $120,000
Total Long-Term Liabilities $820,000
SHAREHOLDERS' EQUITY
Capital stock $750,000
Retained earnings $159,000
Total Shareholders' Equity $909,000
TOTAL ASSETS $1,970,000 TOTAL LIABILITIES & EQUITY $1,970,000
Income Statement For year ended 12/31/20XX
Sales $1,000,000
Less sales returns and allowances $25,000
Net Sales $975,000
Beginning inventory $250,000
Plus goods purchased/manufactured $600,000
Total goods available $850,000
Less ending inventory $275,000
Total cost of goods sold $575,000
Gross Profit $400,000
General/Administrative expenses $110,000
Total General/Administrative expenses $110,000
Operating Income $290,000
Total Operating expenses $328,700
Net Income $61,100
