Assets Inc. FGD Manufacturing Balance Sheet Dec 31 2013 2014 Current asse Cash Accounts receivable Inventories Prepaid expenses Total current assets 175,000 $ 38,000 70,000 $ 43,000 78,000 210,000 12,000 14,000 $295,000 $345,000 Fixed asset Gross plant and equipment $760,000 $838,000 Accumulated depreciation 355.000 383,000 Net plant and equipment Total fixed assets TOTAL ASSETS Land Other asset Goodwill and patents Debt (Liabilities) and Equity Current debt Accounts payable $405,000 70,000 $475,000 $455,000 70,000 $525,000 30,000 $800,000 50,000 $920,000 $ 61,000 Income tax payable Interest payable Total current debt 12,000 Accrued wages and salaries 4,000 $ 76,000 15,000 5,000 2,000 4,000 $ 79,000 $100,000 Long-term debt long-term notes payable 146,000 200,000 Total debt $225,000 $300,000 Common stock 3 par $300,000 $300,000 Retained earnings 275,000 320,000 Total stockholden' equity $575,000 $620,000 $800,000 $920,000 TOTAL DEBT AND EQUITY Sales revenue Cost of goods sold Income Statement year ended Dec. 31, 2014 $830,000 540,000 $290,000 Gross profit Operating expenses: Marketing expenses $90,000 General and administrative expenses 72,000 Depreciation 28,009 Total operating expenses $190,000 Operating income $100,000 Interest expense Eamings before taxes Income tax (25%) Net income 20,000 80,000 20,000 $ 60,000