Macklemore, Inc. Income Statement For the period ending Dec. 31, 20x1 Sales Less: Sales Discounts Net Sales COGS 70,944- (751) 70,193 Macklemore, Inc. Statement of Owners' Equity (46,343) For the Period ending Dec. 31, 20X1 Gross Profit 23,850- Beginning Capital, Dec. 1 91,550 Investments Net Income 9290 Operating Expenses Selling Expenses Withdrawals (4,044) Utilities Expense 2,500 Ending Capital, Dec. 31 96.796- 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: Liabilities: Current Assets: 172,006 Accounts Payable 88.310 + Cash 53,466 Utilities Payable 2,500 Accounts receivable 10,000 Salaries Payable -2,000 Interest Receivable 1,140 Notes Payable 12,000 Note Receivable 25,000 Interest Payable 10-300- Inventory Supplies Prepaid Rent 74:400 Unearned Rent Revenue 4,000 2,600- Total Liabilities: 109.110 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