COMFY HOME COMPANY Balance Sheet As of December 31, 2016 Current Assets: Cash Current Liabilities: $ 110,000 Accounts Payable $ 90,000 Accounts receivable $ 140,000 Salaries and wages payable $ 20.000 Inventories $ 310,000 Current portion of bank loan $ 45,000 Prepaid expenses $ 25,000 Deferred revenue $ 15,000 Total Current Assets $ 585,000 Total Current Liabilities $ 170,000 Non-Current Assets: Non-Current Liabilities: Furniture and fixtures $ 120,000 Bank Loan $ 300,000 Buildings and property $ 450,000 Total Non-Current Liabilities S 300,000 (Accumulated Depreciation) $ (154,000) Total Non-Current Assets $ 416,000 Owners' Equity: Contributed Capital $ 250,000 Retained earnings S 281,000 Total Equity $ 531,000 Total Assets $ 1,001,000 Total Liabilities and Owners' Equity $ 1,001,000 COMFY HOME COMPANY Balance Sheet As of December 31, 2017 COMFY HOME COMPANY Income Statement For the year ending December 31, 2017 Current Assets: Current Liabilities: Total Revenue $ 1,602,000 Cash $ 143,000 Accounts Payable $ 196,000 Cost of Goods Sold $ 985,000 Accounts receivable $ 178,000 Salaries and wages payable $ 30,000 Gross Profit $ 617,000 Inventories $ 358,000 Current portion of bank loan $ 45.000 Salaries and wages $ 199,000 Prepaid expenses $ 33,000 Deferred revenue $ 18,000 Marketing expenses $ 46,000 Total Current Assets S 712,000 Total Current Liabilities $ 289,000 Selling, General, and Administrative $ 98,000 Insurance expense $ 48,000 Non-Current Assets: Non-Current Liabilities: Depreciation expense $ 44,000 Furniture and fixtures $ 150,000 Bank Loan $ 255,000 Operating Profit $ 182,000 Buildings and property $ 540,000 Total Non-Current Liabilities $ 255,000 (Accumulated Depreciation) $ (198,000) Total Non-Current Assets $ 492,000 Owners' Equity: Interest expense Taxes Net Income $ 30,000 $ 33,000 $ 119,000 Contributed Capital Retained earnings Total Equity $ 260,000 $ 400,000 $ 660,000 Total Assets $ 1,204,000 Total Liabilities and Owners' Equity S 1,204,000