RED RYDER CORP BALANCE SHEET RED RYDER CORP INCOME STATEMENT ASSETS 12/31/30 12/31/29 12/31/30 Current assets: Sales revenue 567,809 Cash 9,444 26,567 Cost of goods sold 369,076 Accounts Receivable 52,500 30,000 Gross profit 198,733 Prepaid Insurance 3,900 Inventory Total current assets 6,000 42,900 33,000 108,744 95,567 Operating expenses: Salaries expense Insurance expense 79,493 34,069 Land Property, Plant, and Equip Accumulated Depreciation Total assets 114,608 47,308 236,800 322,300 (103,287) (114,800) 356,865 350,375 Advertising expense 45,425 Depreciation expense 21,487 Operating Income 18,259 Other income & expenses: LIABILITIES & EQUITY Interest expense on bonds (8,135) Current liabilities: Gain on exchange of equip 14,500 Accounts payable 24,769 43,735 Loss on sale of land (12,140) Salaries payable 23,668 94,670 Income before taxes 12,484 Dividends payable 1,640 12,400 Total current liabilities 50,076 150,805 Income tax expense 3,121 Net income 9,363 Bonds Payable 116,856 0 Total liabilities 166,932 150,805 Stockholders' equity Common stock 16,965 Additional paid in capital Treasury Stock 16,740 174,145 118,570 (80,532) (9,732) Retained earnings 79,355 73,992 Total stockholders' equity 189,933 199,570 Total liabilities and equity 356,865 350,375