Assets Cash ARNOLD INCORPORATED Comparative Balance Sheets June 30, 2019 and 2018 ces Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 2019 $ 77,900 73,000 2018 $ 17,100 57,000 63,000 88,000 5,800 7,300 219,700 169,400 $ 360,700 $ 26,000 8,000 4,000 186,000 (45,000) 172,000 (15,000) $ 326,400 $ 32,000 19,000 4,400 38,000 55,400 33,000 65,000 71,000 120,400 240,000 49,700 170,000 36,000 $ 360,700 $ 326,400 ARNOLD INCORPORATED Income Statement For Year Ended June 30, 2019 $ 978,000 599,000 379,000 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income $ 81,000 97,000 $ 178,000 201,000 5,800 206,800 63,300 $ 143,500 Prev 1 of 1 Next