Macklemore, Inc. Income Statement For the period ending Dec. 31, 20x1 Sales 70,944- Less: Sales Discounts (751) Macklemore, Inc. Net Sales 70,193 COGS (46,343) Statement of Owners' Equity For the Period ending Dec. 31, 20X1 Gross Profit 23,850- Beginning Capital, Dec. 1 91,550 Investments Operating Expenses Net Income 10 9290 Selling Expenses Withdrawals (4.044) Utilities Expense 2,500 Ending Capital, Dec. 31 96.7961 Rent Expense 2,527 Salaries Expense 3,800- Depreciation Exense 8,000 Total Selling Expenses G&A Expenses Insurance Expense Supplies Expense Salaries Expense Total G&A Exenses Total operating expenses Income From Operations Other Revenues and gains expenses and losses Interest Revenue Rent Revenue Interest Expense Net Income 400 2,173 3,800 19,000- 4,450 4,840 1,140 4,000 (300) 9,290 Macklemore, Inc. Balance Sheet As of Dec. 31, 2001 Assets: Current Assets: 172,006 Liabilities: Accounts Payable 88,310 + Cash 53,466 Utilities Payable 2,500 Accounts receivable 10,000 Salaries Payable 2-2,000 Interest Receivable 140 Notes Payable 12,000 Note Receivable 25,000 Interest Payable 308 Inventory 74:400 Unearned Rent Revenue 4,000 Supplies 2,600 Total Liabilities: 109.110 Prepaid Rent 6,000 Prepaid Insurance 2,400 Equity: Long-term Assets: 35,000 Capital Equipment 43,000 Total Equity: 97,896 Accumulated Depreciation (6,000) Total Assets 207,006 Total Liabilities & Equity 207,006