See The Light Projected Income Statement For the Period Ending December 31, 20x1 Sales Cost of Goods Sold Gross Profit 25,000 lamps @ $45.00 @ $30.00 $ 1,125,000.00 750,000.00 $ 375,000.00 Selling Expenses: Fixed $ 23,000.00 Variable (Commission per unit) @ $3.00 75,000.00 $ 98,000.00 Administrative Expenses: Fixed Variable $ 42,000.00 @ $2.00 50,000.00 92,000.00 Total Selling and Administrative Expenses: Net Profit 190,000.00 $ 185,000.00 I See The Light Projected Balance Sheet As of December 31, 20x1 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets 500 @ $16.00 0 3000 @ $30.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 20,000.00 6,800.00 $ 12,000.00 $ 34,710.00 67,500.00 8,000.00 90,000.00 $ 200,210.00 $ 13,200.00 213,410.00 $ 54,000.00 $ 54,000.00 147,410.00 159,410.00 $ 213,410.00