Galaxy United, Inc. 2012 Income Statement Net sales Less: Cost of goods sold Less: Depreciation Earnings before interest and taxes Less: Interest paid Taxable Income Less: Taxes Net income $614,100 521,400 81,500 10,100 $71,400 28,900 Galaxy United, Inc. 2011 and 2012 Balance Sheets 2011 2011 2012 Cash Accounts rec. Inventorv Sub-total Net fixed assets Total S17,000 54,100 189-400 $260.500 261-300 S16,500 56,700 186,700 $259,900 282.100 S542,000 Accounts payable Long-term debt Common stock Retained earnings $128,600 147,500 125,000 120.700 $134.700 135,500 140,000 131 800 Total 5521.80S542,000