Fluff, Inc. Balance Sheet December 31, 20Y2 20Y3 20Y4 Current Assets Cash 16,800 7,300 5,655 Accounts Receivable 42,000 52,000 54,000 Inventory 18,000 16,000 15,000 Prepaid Insurance 3,600 1,200 Prepaid Rent 1,000 Total Current Assets 76,800 79,900 75,855 Fixed Assets Land 40,000 40,000 40,000 Vehicle 30,000 Furn & Fix 45,000 45,000 Acc Depr F&F (4,000) (12,000) Total Fixed Assets 40,000 81,000 103,000 Other Assets Security Deposit 2,000 2,000 2,000 Total Assets 118,800 162,900 180,855 Liabilities Current Liabilities Accounts Payable 27,000 26,400 33,000 Wages Payable 1,000 2,000 4,000 Taxes Payable 2,100 8,340 3,060 Note Payable- F&F 10,000 Note Payable- Vehicle 4,820 Note Payable- Mike 10,000 Current LT Debt 10,000 Total Current Liabilities 30,100 56,740 54,880 Long-Term Liabilities Note Payable-Vehicle 10,675 Note Payable- Mike 10,000 Note Payable - Furn & Fix 10,000 Total Liabilities 40,100 66,740 65,555 Owners' Equity Common Stock 72,000 75,000 95,000 Retained Earnings 6,700 21,160 20,300 Total Owners' Equity 78,700 96,160 115,300 Total Liabilities and Owners' Equity 118,800 162,900 180,855 Fluff, Inc. Income Statement For the Year Ended December 31, 20Y2 20Y3 20Y4 Sales 84,000 104,000 108,000 Cost of Goods Sold 36,000 46,000 56,000 Gross Margin 48,000 58,000 52,000 Operating Expenses Rent Expense 10,800 12,000 12,000 Depreciation Expense 4,000 8,000 Office Expense 13,200 Wage Expense 12,000 9,000 15,000 Insurance Expense 1,200 2,400 Advertising Expense 4,000 Total Operating Expenses 40,000 26,200 37,400 Income from Operations 8,000 31,800 14,600 Other Revenues & Interest Expense (1,000) (4,000) (4,400) Taxable Income 7,000 27,800 10,200 Tax Expense 2,100 8,340 3,060 Net Income 4,900 19,460 7,140