S&S Air, Inc 2021 Income Statement Income Statement 2021 Sales $ 37,038,492 COGS 27,629,530 Gross profit 9,408,962 S&A 4,696,692 Depreciation 1,659,882 EBIT $ 3,052,388 Interest 580,078 EBT $ 2,472,310 Taxes (25%) 618,078 NI $ 1,854,233 Dividends $ 565,000 Addition to RE 1,289,233 S&S Air, Inc. 2021 Balance Sheet Assets Liabilities and Equity Current assets Current liabilities Cash $419,970 Accounts payable $854,685 Accounts receivable 674,475 Notes payable 1,951,642 Inventory 988,129 Total current liabilities $2,806,327 Total current assets $2,082,574 Long-term debt $5,100,000 Fixed assets Net plant and equipment $16,305,556 Shareholder equity Common stock $410,000 Retained earnings 10,071,803 Total equity $10,481,803 Total assets $18,388,130 Total liabilities and equity $18,388,130