Balance Sheet 2013 Income Statement 2013 Assets Sales 5 650,000 Cash 5 270,000 Cost of Goods Sold 182,000 Accounts Receivable 113,400 Gross Profit 5 468,000 Inventory 86.400 Interest Income 65,000 Prepaid Expenses 13,500 Total Income 533,000 Total Current Assets $ 483,300 Sales Salaries 149,500 Fixed Assets 32,400 Office Salaries 32,500 Total Assets $ 515,700 Office Equipment Rental 45,500 Liabilities & Equity Interest Expense 19,500 Accounts Payable 5 87,669 General & Administrative 5,850 Notes Payable 46,413 Total Expenses 252,850 Accrued Expenses 41,256 Income Before Tax 280,150 Taxes Payable 36,099 Income Taxes 162,500 Deferred Taxes 46,413 Net Income 117,650 Total Current Liabilities 5 257,850 Long-Term Notes 118,611 Total Liabilities $ 376,461 Capital Stock 51,570 Retained Earnings 87,669 Total Equity 5 139,239 Total Liabilities & Equity $ 515,700