Balance Sheet December 31, 2010 Cash and marketable $102,000 Accounts payable $287,000 securities Accounts $299,000 Notes payable $61,200 receivable Inventories $628,000 Prepaid expenses $10,300 Total current assets $1,039,300 Gross fixed assets $1,502,000 Less: accumulated depreciation Net fixed assets Total assets $312,000 Accrued expenses $51,900 Total current liabilities $400,100 Long-term debt $415,000 Par value and paid-in-capital $376,000 Retained Earnings $1,038,200 $1,190,000 Common Equity 1,414,200 Total liabilities $2,229,300 and owner's $2,229,300 Income statement, Year of 2010 Net sales (all credit) $6,387,700.00 Less: Cost of goods $4,726,898.00 sold Selling and administrative expenses Depreciation $345,000.00 $148,000.00 expense EBIT $1,167,802.00 Interest expense $50,600.00 Earnings before $1,117,202.00 taxes Income taxes $446,880.80 Net income $670,321.20 equity