Income Statement
For the Year Ended December 31, 2014
	Revenue:
	Sales		$ 792,845
	Cost of Goods Sold	$ 275,000
	Gross Profit		$ 517,845
	Operating Expenses:
	Depreciation Expense	$ 35,159
	Insurance Expense	$ 82,000
	Office Expense	$ 21,700
	Advertising Expense	$ 8,400
	Utilities Expense	$ 31,000
	Wage Expense	$ 80,350
	Bad Debt Expense	$ 25,000
	Pension Expense	$ 40,000
	Income from Operations:		$ 194,236
	Other Revenue:
	Rent Revenue		$ 12,000
	Interest Revenue		$ 19,561
	Other Expenses:
	Unrealized Holding G/L	$ (8,000)
	Loss on Impairment	$ (10,000)
	Interest Expense	$ (47,593)
	Total Expenses:	$ (65,593)
	Net Income Before Income Taxes		$ 160,204
	Income Tax Expense	$ 64,081
	Net Income		$ 96,122

Statement of Retained Earnings
For the Year Ended December 31, 2014
Retained earnings, Beginning		$ -
Add: Net Income		$ 96,122
Subtract: Dividends		$ (41,000)
Retained earnings, Ending		$ 55,122

Balance Sheet
For the Year Ended December 31, 2014
Assets
Current Assets:
Cash			$ 648,729
Accounts receivable			$ 190,300
Prepaid insurance			$ 17,400
Inventory			$ 75,000
Short-Term investments			$ 167,000
Fair Value Adjustment		$ (8,000)
Allowance for doubtful accounts		$ (25,000)
Total Current Assets			$ 1,065,429
Long-Term Assets
Patent			$ 27,500
Land			$ 75,000
Building			$ 150,000
Accumulated depreciation: building		$ (5,400)
Equipment			$ 50,000
Accumulated depreciation: equipment		$ (22,000)
Leased Vehicle			$ 43,796
Accumulated Deprection- Vehicle		$ (8,759)
Pension Asset/Liability			$ 17,000
LT (Debt) investments (HTM			$ 181,385
Total Long-Term Assets			$ 508,522
Total Assets:			$ 1,573,951
Liabilities
Current Liabilities
Accounts payable			$ 65,340
Wages Payable			$ 12,750
Income taxes payable			$ 64,081
Interest Payable			$ 52,504
Notes payable			$ 235,000
Deferred Compensation		$ (10,000)
Unearned rent revenue			$ 24,000
Total Current:			$ 443,676
Long-Term Liabilities:
Leased Liability			$ 33,293
Bonds Payable			$ 800,000
Premium on Bonds Payable			$ 56,860
Total Long-Term Liabilities			$ 890,153
Total Liabilities:			$ 1,333,828
Capital
Common Stock			$ 109,000
Additional Paid in caiptal			$ 21,000
PIC In Excess of Par-Common Stock			$ 35,000
Retained earnings			$ 55,122
Treasury stock			$ -
Accumulated other comprehensive income:
Pension gain/loss OCI			$ 20,000
Total Capital:			$ 240,122
Total Liabilities and Capital			$ 1,573,951

Please make Post Closing Trial Balance Statement