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AB Inc., distributors of vehicular parts, was organized as a sole proprietorship. The balance sheet and income statement for AB inc. as of July 31, 1999 is shown below. AB Incorporated Balance Sheet As of July 31, 1999 Current Assets Current Liabilities Cash 375,000 Accounts Payable 50,000 Inventory 385.400 Bank Loans Payable 200,000 Notes Payable 15,000 Total Current 760,400 Total Current 265,000 Assets Liabilities Fixed Assets Owner's Equity Office Equipt. *300,000 Paid-in capital 750,000(-) Acc'd. Depn. [12,000) Retained Earnings 33,400 Net Office Equipt. 288,000 Total Owner's Equity 783.400 Total Assets 1,048,400 Total Liab. And O/E 1,048,400 AB Incorporated Income Statement For the month ending July 1999 AB Incorporated Income Statement For the month ending July 1999 Sales 300,000 Less: CGS (150,000) Gross Profit 150,000