1 t of E Hal The Statement of Cash Flows The following details relate to Ortega's Pizza. Ortega's Pizza Condensed Income Statement For the Period: January 1 through December 31, 2011 Income Statement Sales $700'000 Cost of Sales 210'000 Gross Profit 490'000 Operating Expenses (excluding depreciation) 388000 Depreciation 14'000 Operating Income 88'000 Gain on Seling equipment 12,000 Interest 42000 Income Before Income Taxes Income Taxes (40%) Net Income 58'000 23'000 35'000 Ortega's Pizza Balance Sheets December 31, 2010 and 2011 Assets Current Assets 2 #3 2010 2011 MacBook Air b 47 % A & 6 7 8 5 54 Q W E R A S D N > C T Y U th 4 ' 9 LL F G H J IL V B Z K ac Ortega's Pizza Balance Sheets December 31, 2010 and 2011 2010 2011 Assets Current Assets Cash 42'000 30'000 Marketable Securities 45'000 49'000 Prepaid Expenses 40'000 42'000 Accounts Receivables 93'000 80'000 Inventories 58'000 67'000 Total Current Assets 278'000 268'000 Property and Equipment 965'000 915'000 Less Accumulated Depreciation 40'000 30'000 Net Property and Equipment 925'000 885'000 Total Assets Liabilities and Owners' Equity Current Liabilities Accounts Payable Taxes Payable Accrued Wages Total Current Liabilities # 63 62 Q W A 80 " 1203'000 1'153'000 $ 4 40'000 125'000 45'000 150'000 38'000 23000 203'000 218'000 FA % 5 225 PB MacBook Air