Angela's Cleaning Consortium Comparative Balance Sheet Angela's Cleaning Consortium Income Statement For the Year Ended December 31, 2020 December 31, 2020 and 2019 2020 2019 Net sales $ ASSETS Current assets Cash Accounts receivable Merchandise inventory Total current assets Long-term investments Cost of goods sold Gross profit 386,000 (212,000) 174,000 $ 66,500 $ 62,000 Operating expenses 95,000 113,000 Salaries and wages expense (66,000) 172,000 165,000 Depreciation expense (29,500) 333,500 340,000 Other operating expenses (23,500) Income from operations 55,000 Investment in Walking Dead Co. Property, buildings, and equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable 50,000 Other revenues and gains 507,000 304,000 Interest revenue 19,500 (59,500) (42,000) Dividend revenue 9,700 $ 781,000 $ 652,000 Gain on disposal of plant ass 7,500 Other expenses and losses Interest expense Income before income taxes Income tax expense (15,000) 76,700 (14,000) 62,700 Accrued liabilities Total current liabilities $ 144,000 $ 185,000 17,000 161,000 37,000 222,000 Net Income Long-term liabilities Notes payable, long-term 160,000 90,000 Total liabilities 321,000 312,000 Stockholders' equity Common stock Retained earnings Treasury stock Total Stockholders' Equity Total Liabilities & Stockholders' Equity 370,000 250,000 130,000 90,000 (40,000) 460,000 340,000 $ 781,000 $ 652,000