BEULAH COMPANY Income Statement For the Years Ended December 31 2013 2012 Net sales (all on account) $600,000 $520,000 Expenses Cost of goods sold 415,000 354,000 Selling and administrative 120,000 114,800 Interest expense 7,800 6,000 Income tax expense 18,000 14,000 Total expenses 561, 600 488,800 Net income $ 38,400 $31,200 BEULAH COMPANY Balance Sheets December 31 Assets 2013 2012 Current assets Cash $21,000 $18,000 Short-term investments 18,000 15,000 Accounts receivable (net) 86,000 74,000 Inventory 90,000 70,000 Total current assets 215,000 177,000 Plant assets (net) 423,000 383,000 Total assets $638,000 $560,000 Liabilities and Stockholders