Balance Sheet 2013 2012 Income Statement 2013 2012 Assets Sales 4,300,000 $ 3,800,000 Cash 300,000 $ 200,000 Operating Expenses: Marketable Securities 6,000 4,000 Cost of Goods Sold 430,000 380,000 Accounts Receivable 96,000 64,000 Depreciation 215,000 190,000 Inventories 168,000 112,000 Selling & Admn. Expenses 516,000 456,000 Total Current Assets S 570,000 $ 380,000 Total Operating Expenses 1,161,000 $ 1,026,000 Property, Plant, & Equipment 192,000 128,000 Operating Income 3,139,000 2,774,000 Other Fixed Assets 159,000 106,000 Other Income 8,600 7,600 Total Fixed Assets 351,000 $ 234,000 Total Income $ 3,147,600 $ 2,781,600 Total Assets 921,000 $ 614,000 Interest Expense 129,000 114,000 Liabilities & Equity Earnings Before Tax 3,018,600 2,667,600 Accounts Payable un 110,520 $ 73,680 Provision for Income Tax 688,000 608,000 Notes Payable 101,310 67,540 Net Income $ 2,330,600 $ 2,059,600 Accrued Expenses Payable 82,890 55,260 Accrued Taxes Payable 73,680 49,120 Total Current Liabilities 368,400 $ 245,600 Long-Term Debt un 46,050 $ 30,700 Total Liabilities 414,450 $ 276,300 Stockholder's Equity: Preferred Stock ($100 par, 6%) 5 64,470 $ 42,980 Common Stock ($5 par value) 119,730 79,820 Paid-In Capital in Excess of Par 248,670 165,780 Retained Earnings 73,680 49,120 Total Stockholder's Equity in 506,550 $ 337,700 Total Liabilities & Equity 921,000 $ 614,000