ormat Painter Paragraph Second Hand Tacos Income Statement Year ended Dec31 2013 12,000 Sales Operating expenses 4,000 COGS Depreciation Admin expenses 1,200 Total operating expense 5,700 Operating income 6,300 Interest revenue Loss on disposal of equipment 6,500 Income before taxes Income tax 2,600 Net income 3,900 Second Hand Tacos Balance sheet Dec 31, 2013 Assets 31-Dec-13 31-Dec-12 Cash 3,000 1,000 inventory 850 Prepaid Ins 1500 Equipment 1,800 2,500 Less: Acc Depr (900) 1700) Total Assets 5,400 4,500 Liabilities &SE 1,500 1,600 A/P Unearned revenue 500 s 200 L/T Note payable 300 700 Common Stock 800 1,000 Retained earnings 2,300 Total liabilties &SE S 5,400 4,500 Equipment was sold and dividends were paid AaBbcaDo Aal T Normal 1 Ni