INCOME STATEMENT 2016 BALANCE SHEET

SALES $ 10,000 ASSETS

COST OF GOODS $4,000 Cash $5,000

GROSS PROFIT$ 6,000 Accounts receive $3,000

SGA EXPENSE $ 3,000 inventory $17,000

EBIT$ 3,000 Current assets $25,000

INTEREST$ 200 Equipment(gross) $27,000

BEFORE TAX EARNINGS 2,800 Less Accum Depreciation (12,000)

TAXES 1,000 Equipment(net) $15,000

NET INCOME $1800 Total assets $ 40,000

EPS $1.80 Liabilities and Equity

Dividends $ 600 Accounts payable $17,000

Addition to retained earnings $ 1,200 Current Liabilities$ $17,000

Long term debt $ 3,000

Total liabilities $20,000

Common stock(1000 shares) $ 7,000

Retained Earnings $13,000

Total Equity $20,000

Total liabilities & Equity $40,000

preapare a graph of sales and net income for years 2013-2016 Joe's fly by night

yr sales Net Income

2013 $8200 $1500

2014 $8000 $1400

2015 $9000 $1600

2016 $10,000 $1800