Sales Cost of goods sold Gross profit FORTEN COMPANY Income Statement For Current Year Ended December 31 Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income $ 602,500 289,000 313,500 $ 136,400 24,750 161,150 (9,125) 143,225 29,850 $ 113,375 FORTEN COMPANY Comparative Balance Sheets Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities December 31 Current Year Prior Year $ 55,900 71,810 281,656 $ 77,500 54,625 255,800 1,250 1,975 410,616 153,500 389,900 (38,625) $ 525,491 $ 57,141 74,200 131,341 112,000 (48,000) $ 453,900 $ 120,675 59,550 180,225 < Prev 10 82 of 10 Next