Computer Project FINANCIAL-FALL 2017 As a recently hired accountant for a small business, SMC, Inc.you are provided with last year's balance sheet, statement, and post-closing trial balance to familiarize yourself with the business. SMC, Inc. Balance Sheet December 31, 2017 Assets Cash Accounts receivable Inventory Supplies Total $34,500 25,000 10,000 $69.700 Liabilities and Stockholders' Equity Accounts payable Salaries payable Income taxes payable $12,000 1,000 Stockholders'equity $16.675 Capital stock (10,000 shares outstanding) $25,000 28.025 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity SMC, Inc. Income Statement For the Year Ended December 31, 2017 Sales revenue Rent revenue Total revenues Less cost of goods sold Gross margin Less operating expenses: $110,000 $111,000 60.000 $ 51.000 Supplies expense Salaries expense Miscellaneous expense $ 400 22.000 Income before Less income Net $ 24.500 Earnings per share($20,825/ 10 000 shares 208 Computer Project FINANCIAL-FALL 2017 As a recently hired accountant for a small business, SMC, Inc.you are provided with last year's balance sheet, statement, and post-closing trial balance to familiarize yourself with the business. SMC, Inc. Balance Sheet December 31, 2017 Assets Cash Accounts receivable Inventory Supplies Total $34,500 25,000 10,000 $69.700 Liabilities and Stockholders' Equity Accounts payable Salaries payable Income taxes payable $12,000 1,000 Stockholders'equity $16.675 Capital stock (10,000 shares outstanding) $25,000 28.025 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity SMC, Inc. Income Statement For the Year Ended December 31, 2017 Sales revenue Rent revenue Total revenues Less cost of goods sold Gross margin Less operating expenses: $110,000 $111,000 60.000 $ 51.000 Supplies expense Salaries expense Miscellaneous expense $ 400 22.000 Income before Less income Net $ 24.500 Earnings per share($20,825/ 10 000 shares 208