ABC Corporation
Statement of Financial Position
31-Dec
Assets
	Current Assets		2019		2018
	Cash		$15,000		$57,500
	Accounts Receivable		12,000		52,000
	Prepaid Expenses		4,000		7,000
	Office Supplies		1,000		500
	Inventory		10,000		30,000
	Total Current Assets			$42,000		$147,000
	Property, Plant, and Equipment
	Building		$420,000		$370,000
	Accumulated Depreciation - Building		40,000		29,000
	Total Property, Plant, and Equipment			380,000		341,000
	Intangible Assets
		Trademarks		50,000		50,000
Total Assets				$472,000		$538,000
Liabilities
	Current Liabilities
	Accounts Payable		$6,000		$4,000
	Wages Payable		18,000		13,000
	Unearned Revenues		2,000		1,000
	Current Portion of LT Note Payable		50,000		50,000
	Total Current Liabilities			$76,000		$68,000
	Non-Current Liabilities
	Long Term Notes Payable (less current portion)			200,000		300,000
	Total Liabilities			$276,000		$368,000
Equity
	Common Shares		$140,200		$120,000
	Retained Earnings		55,800		50,000
	Total Equity			196,000		170,000
Total Liabilities and Equity				$472,000		$538,000
ABC Corporation
Income Statement
For the Year Ended December 31, 2019
Revenues				$150,000
Cost of Goods Sold				$50,000
Gross Profit				$100,000
Operating Expenses:
	Office Supplies Expense		$8,000
	Depreciation Expense		$11,000
	Wages Expense		$55,000	$74,000
Profit from Operations				$26,000
Other Revenues and Expenses: Interest Expense				($12,500)
Profit Before Tax				$13,500
Income Tax Expense				$2,700
Profit (Loss)				$10,800
ABC Corporation
Statement of Changes in Equity
For the Year Ended December 31, 2019
			Common Shares	Retained Earnings	Total
Balance, January 1, 20XX			$120,000	$50,000	$170,000
Issuance of Common Shares			$20,200	$0	$20,200
Profit (Loss)			$0	$10,800	$10,800
Dividends			$0	($5,000)	($5,000)
Balance, December 31, 20XX			$140,200	$55,800	$196,000

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