Marion Incorporation Comparative Income Statement Year Ending December 31, 2022 Marion Incorporation Comparative Balance Sheet As at December 31, 2022 2022 2021 2022 2021 Revenue Sales Less Sales Returns and Allowances Net Sales Cost of Goods Sold Assets 679,000 3,500 605,000 Current Assets 675,500 2,500 602,500 Cash Accounts Receivable Merchandise Inventory 139,300 157,000 Supplies Gross Profit on Sales Operating Expenses Selling Expenses Sales Salaries Expense 536,200 445,500 Total Current Assets 437,828 197,828 210,000 89,750 143,500 29,500 19,000 500 700 252,950 Property, Plant, and Equipment Land 55,000 55,000 140,000 100,000 Building and Equipment (Net) 35,000 40,000 Payroll Tax Expense-Selling Other Selling Expenses 14,000 10,000 Total Property, Plant, and Equipment 90,000 95,000 7,500 5,500 Total Selling Expenses 161,500 115,500 Total Assets 527,828 347,950 General and Administrative Expenses Liabilities and Stockholders' Equity Officers Salaries Expense 85,000 75,000 Current Liabilities Payroll Tax Expense-Administrative 8,500 4,500 Accounts Payable 3,772 2,800 Depreciation Expense 5,000 5,000 Notes Payable 5,800 1,055 Other General and Administrative Expenses 1,500 1,000 Total Current Liabilities 9,572 3,855 Total General and Administrative Expensi 100,000 85,500 Long-Term Liabilities Total Operating Expenses 261,500 201,000 Bonds Payable 36,000 12,000 Total Long-Term Liabilities 36,000 12,000 Net Income Before Income Taxes 274,700 244,500 Total Liabilities 45,572 15,855 Income Tax Expense 57,687 51,345 Net Income After Income Taxes 217,013 193,155 Stockholders's Equity Common Stock ($1 par) Retained Earnings Total Stockholders's Equity 100,000 100,000 382,256 232,095 482,256 332,095 Total Liabilities and Stockholders' Equity 527.828 347.950