MUNICH EXPORTS CORPORATION Balance Sheet 2015 2016 Cash $50,000 $50,000 Accounts Receivables 200,000 300,000 Inventories 450.000 570,000 Total Current Assets 700,000 920,000 Fixed Assets, Net 300,000 380,000 Total Assets $1,000,000 $1,300,000 Accounts Payable 130,000 $180,000 Accruals 50.000 70,000 Bank Loan 90.000 90.000 Total Current Liabilities 270,000 340,000 Long-Term Debt 400,000 550,000 Common Stock ($.05 par) 50,000 50,000 Additional Paid-in-Capital 200,000 200,000 Retained Earnings 80.000 160,000 Total Liab. & Equity $1,000,000 $1,300,000 Income Statement 2015 2016 Net Sales $1,300,000 $1,600,000 Cost of Goods Sold 780.000 960,000 Gross Profit 520,000 640,000 Marketing 130,000 160,000 General & Administrative 150,000 150,000 Depreciation 40,000 55.000 EBIT 200,000 275,000 Interest 45.000 55.000 Earnings Before Taxes 155,000 220,000 Income Taxes (40% rate) 62.000 88,000 Net Income $93,000 $132,000