For the Year Ended December 31, 2019 Sales Revenue $645,000 Cost of Goods Sold $430,000 Wages Expense 91,000 Insurance Expense 12,000 Depreciation Expense 13,000 Interest Expense 15,000 Income Tax Expense 29,000 590,000 Net Income $55,000 ARTIC COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 Assets Cash $41,000 $8,000 Accounts Receivable 41,000 32,000 Inventory 90,000 65,000 Prepaid Insurance 5,000 7,000 Plant Assets 219,000 202,000 Accumulated Depreciation (68,000) (55,000) Total Assets $328,000 $259,000 Liabilities and Stockholders' Equity Accounts Payable $7,000 $10,000 Wages Payable 10,000 6,000 Income Tax Payable 6,000 7,000 Bonds Payable 141,000 87,000 Common Stock 90,000 90,000 Retained Earnings 74,000 59,000 Total Liabilities and Stockholders' Equity $328,000 $259,000