Income Statement M. Greyson Pet Supply, Inc. Income Statement Year Ended December 31, 2018 Comparative Balance Sheet M. Greyson Pet Supply, Inc. Comparative Balance Sheet December 31, 2018 and 2017 Revenues: Sales revenue Interest revenue Total revenues Expenses: Cost of goods sold $ 70,200 $212,000 8,800 Current Assets: $ 220,800 Cash and cash equivalents $ 6,300 $ 5,800 $ 500 Accounts receivable 25,600 26,800 (1,200) Inventory 91,600 89,900 1,700 Increase 2018 2017 (Decrease) Salaries expense 27,200 Fixed Assets: Depreciation expense 4,900 Land 89,700 60,400 29,300 Other operating expenses 10,300 53,700 49,900 3,800 Equipment, net Interest expense 11,400 $ 266,900 $ 232,800 $ 34,100 Total Assets Income tax expense 29,500 Current Liabilities: Total expenses 153,500 Accounts payable $ 30,700 $ 35,600 $ (4,900) $ Net Income 67,300 Accrued liabilities 30,700 28,100 2,600