Clipboard Al 2 Font X A fx Styles Condensed financial statements for Games Galore are suma B C 1 Condensed financial statements for Games Galore are summarized below: 2 3 Balance Sheet 4 Cash 5 Accounts Receivable, Net 6 Inventory 7 Prepaid Insurance 2016 2015 $ 185,000 $ 143,000 80,000 59,000 104,000 134,000 11,900 5,880 8 Total Current Assets 380,900 341,880 9 Property and Equipment, Net 514,500 407,000 10 Total Assets $ 895,400 $ 748,880 11. 12 Current Liabilities $ 85,300 $ 96,800 14 13 Long-term Liabilities Total Liabilities 284,000 224,000 369,300 320,800 15 Contributed Capital 299,000 299,000 16 Retained Earnings 227,100 129,080 17 Total Stockholders' Equity 526,100 428,080 18 Total Liabilities and Stockholders' Equity S 895,400 $ 748,880 19 20 Income Statement 21 Net Sales (all on account) 22 Cost of Goods Sold 23 Gross Profit 24 Operating Expenses $ 3,031,000 1,949,000 1,082,000 891,400 25 Income from Operations 26 Interest Expense 190,600 14,500 27 Income before Income Tax Expense 176,100 28 Income Tax Expense 47,000 29 Net Income $ 129,100 30 D