Financial Statements for Edouard Inc. Balance Sheet Edouard Inc. Income Statement Edouard Inc. in $ As at Dec. 31, in $ For the Year ended 2020 2019 Dec. 31, 2020 ASSETS: Net Sales 5,400,000 Current Assets: Cost of Goods Sold 3,390,000 Cash 574,000 490,000 2,010,000 Accounts Receivable (Gross) 288,000 240,000 Gross Profit less Allowance for Doubtful Accounts (7,000) (10,000) Operating Expenses: Inventory 246,000 265,000 Administrative Expenses 680,000 Total Current Assets 1,101,000 985,000 Other Operating Expenses 670,000 Depreciation, Buildings 300,000 Non-Current Assets Land 790,000 790,000 Total Operating Expenses 1,650,000 Buidings (net of Accum. Depr.) 1,800,000 2,100,000 Total Non-Current Assets 2,590,000 2,890,000 Operating Profit 360,000 Income Tax Expense 144,000 TOTAL ASSETS 3,691,000 3,875,000 Profit 216,000 LIABILITIES: Current Liabilities: Accounts Payable 539,000 801,000 Bonds Payable (current) 50,000 50,000 Total Current Liabilities 589,000 851,000 Non-Current Liabilities Bonds Payable 500,000 550,000 Total Non-Current Liabilities 500,000 550,000 TOTAL LIABILITIES 1,089,000 1,401,000 EQUITY: Common Shares 1,624,000 1,624,000 Retained Earnings 978,000 850,000 TOTAL EQUITY 2,602,000 2,474,000 TOTAL LIABILITIES & EQUITY 3,691,000 3,875,000