Make a balance sheet out of the information 

A handmade crochet blanket company produced $15,000 in sales every quarter in its first year. After subtracting $5,000 from cost of goods sold and $3,000 from operational expenditures, the company consistently turned a $10,000 profit. After deducting the original $20,000 investment, the net income was $28,000 based on the total yearly revenue of $60,000. In the next years, this earnings will be reinvested to broaden the product offering and consumer outreach.
 

Explanation:

Income Statement for Handmade Crochet Blankets Business
Quarterly Revenue and Expenses

Q1 (Jan - Mar)

Revenue: $15,000
Cost of Goods Sold (COGS): $5,000
Gross Profit: $10,000
Operating Expenses: $3,000
Profit/Loss: $7,000

Q2 (Apr - Jun)

Revenue: $15,000
Cost of Goods Sold (COGS): $5,000
Gross Profit: $10,000
Operating Expenses: $3,000
Profit/Loss: $7,000

Q3 (Jul - Sep)

Revenue: $15,000
Cost of Goods Sold (COGS): $5,000
Gross Profit: $10,000
Operating Expenses: $3,000
Profit/Loss: $7,000

Q4 (Oct - Dec)

Revenue: $15,000
Cost of Goods Sold (COGS): $5,000
Gross Profit: $10,000
Operating Expenses: $3,000
Profit/Loss: $7,000

First-Year Total
Revenue: $60,000
Cost of Goods Sold (COGS): $20,000
Gross Profit: $40,000
Operating Expenses: $12,000
Net Income: $28,000