Masterson Exercise Equipment, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue Cost of Goods Sold 710,000 344,000 368,000 Gross Profit Operating Expenses: Depreciation Expense $ 50.000 205,000 Other Operating Expenses Total Operating Expenses 255.000 $ 111,000 Net Income Hasterson Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets 20,000 $ 53,000 Current Assets Cash Accounts Receivable Merchandise Inventory Long-term Assets Piant Assets Accumulated Depreciation-Plant Assets Investments 18,000 48,000 92,000 82,000 289.300 (44.300) 98,000 225,400 (36.400) 75,000 Total Assets $ 478,000 $ 422,000 Liabilities Current Liabilities Accounts Payable Salaries Payable Long-term Liabilities 79,000 $ 3,500 73,000 6.000 Print Done LUUT 82,00 Long-term Assets: Plant Assets Accumulated Depreciation Plant Assets 269,300 (44.300) 98,000 225,400 (36,400) 75,000 Investments Total Assets 478,000 $ 422,000 Liabilities 73,000 Current Liabilities: Accounts Payable Salaries Payable Long-term Liabilities: 79,000 $ 3,500 6,000 63,000 65,000 Notes Payable Total Liabilities 145,500 144.000 Stockholders' Equity Common Stock, no per 35.000 243,000 Retained Earnings 43,000 289,500 332,500 478,000 $ 278,000 Total Stookholders' Equity 422,000 Total Liabilities and Stockholders' Equity