Balance Sheet December 31, 2012 Cash and marketable $198,000 Accounts payable $288,000 securities Accounts $469,000 receivable Notes payable $65,000 Inventories $577,000 Accrued expenses $84,000 Total current Prepaid expenses $15,700 $437,000 liabilities Total current assets $1,259,700 Gross fixed assets $1,954,000 Long-term debt $237,000 Par value and paid-in-capital $199,000 Less: accumulated depreciation $476,000 Retained Earnings $1,864,700 Net fixed assets Total assets $1,478,000 Common Equity 2,063,700 Total liabilities $2,737,700 and owner's $2,737,700 Income Statement, Year of 2012 Net sales (all credit)$7,546,600.00 Less: Cost of goods $6,112,746.00 sold Selling and administrative expenses $349,000.00 Depreciation $145,000.00 expense EBIT $939,854.00 Interest expense $49,500.00 Earnings before $890,354.00 taxes Income taxes $356,141.60 Net income $534,212.40 equity