Gil's Fish and Tackle, Ind. Balance Sheet At December 31, 2016 Assets Cash Accounts Receivable (less allowance) Inventories Property, Plant and Equipment Long-term Investments $ 28,100 205,800 151,100 272,800 200,000 Total Assets $857,800 Liabilities Accounts Payable Current Portion of Long-Term Debt Long-Term Notes Payable 57,700 80,700 137,000 Total Liabilities 275,400 Stockholders' Equity Contributed Capital Retained Earnings 440,000 142,400 Total Stockholders' Equity 582,400 Total Liabilities and Stockholders' Equity $857,800 Gil's Fish and Tackle, Ind. Income Statement For the year ending December 31, 2016 Sales Revenue $ 3,275,000 Operating Expenses Salaries and Wages Expense Operating and Admin. Expenses Depreciation Expense 2,003,500 337,700 391,500 Operating Expenses 2,732,700 542,300 Operating Income Other Expenses Interest Expense 20,550