Ashmont Cycles Balance Sheet As of December 21 2019 and 2020 2019 2020 8,000 2,500 65,000 1,500 500 77,500 12,000 -2400 9.600 87.100s 3,368 2,200 71,500 1.800 6.00 79,468 17,400 -3.480 13.920 93.388 Assets Cash Accounts receivable Inventory Prepaid expenses Other current assets Total current assets Property, plant, and equipment Accumulated depreciation Net property, plant, and equipment Total Assets Liabilities Accounts payable Line of credit Current portion of long-term debt Accrued expenses Total Current Liabilities Long-term debt Total Liabilities Owner's Equity Contributed capital Retained earnings Total Owner's Equity 3,000 10.000 4,000 1.100 18.100 16.000 34_100s 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 3,200 10,000 4,000 1.100 18.300 12.000 30.300 50,000 3.000 53.000 $ 50,000 13.088 63.088 2020 $205,000 - 106.000 99,000 Ashmont Cycles Income Statement For the year ended December 31 2019 and 2020 2019 Sales $155,000 Cost of goods sold -85.000 Gross Profit 70,000 Operating Expense: Selling, general and administrative expenses 40,000 Utilities expense -5,000 Rent expense -10,000 Depreciation and amortization - 1.080 Total operating expenses -56.080 Operating Income 13.920 Interest expense -1.200 Income before Income Taxes 12.720 Income taxes (35%) -4,452 Net Income $8.268 -58,000 -6.960 -16.240 -1.080 -82.280 16,720 -1.200 15,520 -5,432 $10.088 Ashmont Cycles Balance Sheet As of December 21 2019 and 2020 2019 2020 8,000 2,500 65,000 1,500 500 77,500 12,000 -2400 9.600 87.100s 3,368 2,200 71,500 1.800 6.00 79,468 17,400 -3.480 13.920 93.388 Assets Cash Accounts receivable Inventory Prepaid expenses Other current assets Total current assets Property, plant, and equipment Accumulated depreciation Net property, plant, and equipment Total Assets Liabilities Accounts payable Line of credit Current portion of long-term debt Accrued expenses Total Current Liabilities Long-term debt Total Liabilities Owner's Equity Contributed capital Retained earnings Total Owner's Equity 3,000 10.000 4,000 1.100 18.100 16.000 34_100s 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 3,200 10,000 4,000 1.100 18.300 12.000 30.300 50,000 3.000 53.000 $ 50,000 13.088 63.088 2020 $205,000 - 106.000 99,000 Ashmont Cycles Income Statement For the year ended December 31 2019 and 2020 2019 Sales $155,000 Cost of goods sold -85.000 Gross Profit 70,000 Operating Expense: Selling, general and administrative expenses 40,000 Utilities expense -5,000 Rent expense -10,000 Depreciation and amortization - 1.080 Total operating expenses -56.080 Operating Income 13.920 Interest expense -1.200 Income before Income Taxes 12.720 Income taxes (35%) -4,452 Net Income $8.268 -58,000 -6.960 -16.240 -1.080 -82.280 16,720 -1.200 15,520 -5,432 $10.088
