1. Filling in the blanks

Finish the following income statement ( 5 points).

Revenue		50,000
Salary/wage	20,000
Materials	18,000
Rent	3,500
Cable and Phone	300
Utility	550
Other overhead costs	600
Total Expenses	?
Net Income		_?____________
20% Income Tax		_?____________
Profit		?

Finish the following Balance Sheet ( 5 points).

Assets	$	Liabilities	$
Cash	2000	Account Payable	15000
Inventory	6300	Salaries need to pay	5500
Account Receivable	29000	Debt payment	3000
Total Cash Assets	?	Liabilities	?
Depreciation	5000	Owners Equity	?_________________
Total Assets	?	Total Liability	?