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Complete the yellow highlighted cells on the balance sheet and income statement. Following is the additional information that you will need to complete the statements:

Complete the yellow highlighted cells on the balance sheet and income statement. Following is the additional information that you will need to complete the statements:

2004

2003

Accounts Receivable

$1,200,000

$1,000,000

Allowance for Doubtful Accounts

35,000

50,000

Income Tax Expense

100,000

120,000

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Blue Bill Corporation
Income Statement
For the year ended 20xx
2004 2003
Net sales $4,250,000 $5,175,000
Cost of goods sold $2,220,000 $2,605,000
Gross Profit
Operating Expenses $650,000 $720,000
Other Expenses $120,000 $115,000
Earnings Before Interest and Taxes (EBIT)
Net interest expenses $0 $15,000
Income Tax Expense
Net Earnings
Earnings per share(1,250 shares issued)
Blue Bill Corporation
Balance Sheet
December 31, 20xx
2004 2003
Current assets
Cash and cash equivalents $500,000 $450,000
Accounts receivable
Less: Doubtful accounts
Inventory $2,912,000 $1,980,000
Other current assets $45,000 $50,000
Total current assets
Net property, plant, and equipment $250,000 $200,000
Other assets $16,000 $15,000
Total assets
Current liabilites
Accounts payable $1,000,000 $900,000
Other current liabilities $35,000 $22,000
Long-term debt $900,000 $930,000
Equity $1,793,000
Total liabilities and equity

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