Below are two years financial statements of the HFT Corp (imaginary). According to the given information, determine the amount of the account presented in the blank below.

Income Statement

For the year of: Year 1 Year 2

Sales $2,400,000 $3,000,000

Cost of Sales $ 720,000 $ 960,000

Gross Profit XXXXXXX (26)

Payroll Expenses $ 600,000 $ 720,000

Gen. & Admin. Exp. $ 288,000 $ 360,000

Other Expenses $ 225,000 $ 336,000

EBIT $ (27) $ 624,000

Interest $ 15,000 $ 24,000

EBT $ (28) (29)

Income Taxes (40%) $ (30) $ (31)

Net Income $ (32) $ (33)

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Balance Sheets

On December 31 of

Year 0 Year 1 Year 2

Total Assets: $1,000,000 $1,400,000 $_____(34)

Curr. Liability $ 50,000 $ 100,000 $ 120,000

L/T Liability $ 450,000 $ 300,000 $ 480,000

Owners Equity XXXXXX $ (35) $1,000,000

1. Determine the amount of (26) above.

2. Determine the amount of (27) above.

3. Determine the amount of (28) above.

4. Determine the amount of (29) above.

5. Determine the amount of (30) above.

6. Determine the amount of (31) above.

7. Determine the amount of (32) above.

8. Determine the amount of (33) above.

9. Determine the amount of (34) above.

10. Determine the amount of (35) above.

11. How much (in $) resources altogether did the company have when it started its operations in the Year 1?