Condensed financial data of Needles Corporation appear below: NEEDLES CORPORATION Comparative Statements of Financial Position December 31, 2013 Assets Cash Accounts receivable Merchandise inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation Total Accounts payable Accrued expenses payable Bonds payable Common shares Retained earnings Total 2013 2012 $ 74,700 $ 35,000 90,000 53,000 120,000 132,000 21,000 25,000 90,000 75,000 310,000 250,000 (65.000) (60,000) $640,700 $510,000 Liabilities and Shareholders' Equity $ 93,000 $ 75,000 29,000 24,000 135,000 160,000 240,000 170,000 143,700 81,000 $640,700 $510,000 Sales Expenses NEEDLES CORPORATION Income Statement Year Ended December 31, 2013 $500,000