CROSBY INCORPORATED 2021 Income Statement Sales Costs Other expenses Earnings before interest and taxes Interest expense Taxable income (25%) Net income Dividends Addition to retained earnings Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets $763.000 619,000 29,000 $115,000 14,000 S 101.000 25.250 $75,750 $26.240 49.510 CROSBY, INCORPORATED Balance Sheet as of December 31, 2021 Assets Liabilities and Owners' Equity $25,240 34,660 Current liabilities Accounts payable Notes payable $61,400 17,600 71,420 Total $79,000 $131,320 Long-term debt $111,000 Owners' equity $220,000 Common stock and paid-in surplus Retained earnings $110,000 51,320 Total $161.320 $ 351,320 Total liabilities and owners' equity $ 351.320