Income Statement Summer Corporation For the Year Ended December 31, 2020 Net Sales Revenues Cost of Goods Sold Gross Profit Operating Expenses: Salaries & Wages Expense Warranty Expense Depreciation Expense Utilities Expense Advertising Expense Payroll Tax Expense Insurance Expense Rent Expense Repairs & Maintenance Expense Bank Service Expense Total Operating Expenses Income from Operations Other Expenses: Interest Expense Income Before Taxes Income Tax Expense Net Income Statement of Stockholders' Equity Summer Corporation For the Year Ended December 31, 2020 Common Stock Additional Paid in Capital Retained Earnings Total Stockholders' Equity December 31, 2019 Stock Issued Net Income Dividends December 31, 2020 Balance Sheet Summer Corporation December 31, 2020 ASSETS: Current Assets: Cash Accounts Receivable, Net Merchandise Inventory Prepaid Insurance Total Current Assets LIABILITIES: Current Liabilities: Accounts Payable Income Taxes Payable Total Current Liabilities Non-current Liabilities: Bonds Payable Non-current Assets: Property, Plant & Equipment, Net Total Liabilities STOCKHOLDERS' EQUITY Common Stock Additional Paid-in Capital Retained Earnings Total Stockholders' Equity Total Assets Total Liabilities & Stockholders' Equity 12/31/20 Balances Alphabetired Chart of Accounts S Accounts Payable Accounts Receivable Accum. Deprec. - Property & Equip. Additional Paid-in Capital Advertising Expense Allowance for Doubtful Accounts Bank Service Expense Bonds Payable Cash Common Stock Cost of Goods Sold Credit Card Discounts Depreciation Expense Dividends Income Tax Expense Income Taxes Payable Insurance Expense Interest Expense Merchandise Inventory Payroll Tax Expense Prepaid Insurance Property & Equipment Rent Expense Repairs & Maintenance Expense Retained Earnings (Beg. of Year) Salaries & Wages Expense Sales Discounts Sales Returns & Allowances Sales Revenue Utilities Expense Warranty Expense 17,000 44,000 20,000 99,000 7,000 2,000 500 70,000 6,800 1,000 250,000 800 10,000 11,200 10,800 1,000 2,200 7,000 25,000 6,500 200 150,000 1,800 1,000 2,000 96,000 1,200 5,000 460,000 8,000 27,000