PRODUCTS COMPANY Income Statement 2015 2016 Net Sales $900,000 $1,500,000 Cost of Goods Sold 540.000 900.000 Gross Profit 360,000 600,000 Marketing 90,000 150,000 General & Administrative 250,000 250,000 Depreciation 40.000 40.000 EBIT -20,000 160,000 Interest 45.000 60.000 Earnings Before Taxes -65,000 100,000 Income Taxes 25.000 Net Income (Loss) -$65,000 $75,000 Balance Sheet 2015 2016 Cash $55,000 $20,000 Accounts Receivables 200,000 280,000 Inventories 400.000 500.000 Total Current Assets 655,000 800,000 Gross Fixed Assets 450,000 540,000 Accumulated Depreciation -100.000 -140.000 Net Fixed Assets 350.000 400.000 Total Assets $1,005,000 $1,200,000 Accounts Payable $135,000 $160,000 Accruals 50,000 70,000 Bank Loan 90.000 100.000 Total Current Liabilities 275,000 330,000 Long-Term Debt 300,000 400,000 Common Stock ($.05 par) 150,000 150,000 Additional Paid-in-Capital 200,000 200,000 Retained Earnings 80.000 120,000 Total Liab. & Equity $1,005,000 $1,200,000