Sales Cost of goods sold Gross margin Selling expenses" Administrative expenses President's salary Office Manager's salary Total expenses Net income $ 72,460 67,280 132,000 66,000 $1,784,080 1,428,730 $ 355,350 337,740 Current assets Cash Accounts receivable (net of allowance for bad debts of $63,400) Inventory Total current assets Machinery and transportation equipment Less accumulated depreciation Net fixed assets Total assets Current liabilities Accounts payable Salaries payable Notes payable Taxes payable Total current liabilities Long-term notes payable Owners' equity Common stock, no par, 1,824 shares outstanding Deficit Total liabilities and owners' equity $ 17,610 $ 1.535 242,320 18,660 $262,515 47.550 15.500 32.050 $294.565 $217.820 22,480 6,220 38,510 $285,030 15,000 12,400-7 (17,865) $294,565