Flathead Lake Manufacturing Income Statement 2012 Sales $9,500,000 Cost of Goods Sold 5,750,000 Depreciation Expense 550,000 Gross Profit $3,000,000 Selling and Administrative Expenses 2,200,000 EBIT $ 800,000 Interest Expense 200,000 Income before Tax $ 600,000 Taxes 375,000 Net Income $ 225,000 27:15 Flathead Lake Manufacturing Comparative Balance Sheets 2012 2011 Cash $ 50,000 $ 40,000 Accounts Receivable 570,000 600,000 Inventory 530,000 460,000 Total Current Assets $1,150,000 $1,100,000 Fixed Assets 2,050,000 1,400,000 Total Assets $ 3,200,000 $2,500,000 Accounts Payable Bank Loans Total Current Liabilities $ 320,000 $ 300,000 480,000 400,000 $ 800,000 $ 700,000 Flathead Lake Manufacturing Income Statement 2012 Sales $9,500,000 Cost of Goods Sold 5,750,000 Depreciation Expense 550,000 Gross Profit $3,000,000 Selling and Administrative Expenses 2,200,000 EBIT $ 800,000 Interest Expense 200,000 Income before Tax $ 600,000 Taxes 375,000 Net Income $ 225,000 27:15 Flathead Lake Manufacturing Comparative Balance Sheets 2012 2011 Cash $ 50,000 $ 40,000 Accounts Receivable 570,000 600,000 Inventory 530,000 460,000 Total Current Assets $1,150,000 $1,100,000 Fixed Assets 2,050,000 1,400,000 Total Assets $ 3,200,000 $2,500,000 Accounts Payable Bank Loans Total Current Liabilities $ 320,000 $ 300,000 480,000 400,000 $ 800,000 $ 700,000