5 Byers Co Income Statement Dec 31, 7 Sales (net) Less: 20 Cost of goods sold 11 Operating expenses 12 Interest expense 13 Income taxes 24 Total expenses 15 16 Net income 17 18 19 Byers Co Balance Sheet Dec 31, 20 21 Current assets 22 Cash 23 Receivables 24 Inventories 25 26 Total current assets 27 Long term investments 28 Property plant & equipment, net 29 30 Total assets 31 2016 $ 267,000 $ 160,000 62,000 11,000 10,000 (243,000) $ 24,000 32 Liabilities and shareholder's equity 33 Current liabilities 34 35 Bonds payable, 10% 36 37 Shareholder's equity 38 Common stock, $10 par 39 Additional paid in capital 40 Retained earnings 2,016 $ 10,000 22,000 56,000 88,000 30,000 282,000 $400,000 $ 40,000 110,000 100,000 95,000 55,000 42 Total liabilities and shareholder's equity $ 400,000 43 41