December 31 2022 2021 Assets: Current assets: Cash Accounts receivable Inventory $ 61,100 $54,000 22,500 17,500 8,500 7,000 Other current assets 6,500 5,500 Total current assets 98,600 84,000 Long-term assets: Property, plant & equipment, net 744,900 25,000 Intangible assets 211,250 225.000 Total assets $1,054,750 $334,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $5,500 $ 4,500 Interest payable 500 500 Current portion of long-term debt 15,000 0 Income tax payable 18,500 23,000 Total current liabilities 39,500 28,000 Long-term liabilities: Notes payable 246,250 15.000 Total liabilities Shareholders' equity Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity 285,750 43,000 676,500 221,000 92,500 70,000 769.000 291,000 $1,054,750 $334,000 For the Years Ended 2022 2021 Net sales $475,000 $387,500 Cost of goods sold 240,000 200,000 Gross profit 235,000 187,500 Operating expenses 170,000 138,500 Income from operations 65,000 49,000 Interest expense 26.000 1,750 Income before taxes 39,000 47.250 Income taxes 15.000 18.500 Net income 24.000 28.750