Balance Sheet 2013 Income Statement 2013 Assets Sales $ 710,000 Cash $ 230,000 Cost of Goods Sold 198,800 Accounts Receivable 96,600 Gross Profit 511,200 Inventory 73,600 Interest Income 71,000 Prepaid Expenses 11,500 Total Income 582,200 Total Current Assets $ 411,700 Sales Salaries 163,300 Fixed Assets 27,600 Office Salaries 35,500 Total Assets $ 439,300 Office Equipment Rental 49,700 Liabilities & Equity Interest Expense 21,300 Accounts Payable 74,681 General & Administrative 6,390 Notes Payable 39,537 Total Expenses $ 276,190 Accrued Expenses 35,144 Income Before Tax 306,010 Taxes Payable 30,751 Income Taxes 177,500 Deferred Taxes 39,537 Net Income $ 128,510 Total Current Liabilities $ 219,650 Long-Term Notes 101,039 Total Liabilities S 320,689 Capital Stock 43,930 Retained Earnings 74,681 Total Equity 118,611 Total Liabilities & Equity $ 439,300