statement of profit

Revenue Gross sales Cost of goods sold Gross prot Non-manufacturing expenses Advertising Amortization Dues and subscriptions Insurance Interest Legal and professional fees Ofce Rent Repairs and maintenance Utilities Salaries Net income before taxes Taxes Net income after taxes 2020 $ 90,700 74,500 16,200 493 2,333 103 522 334 294 137 1 ,990 297 1 .333 4,345 12,233 3,964 1,110 $ 2,854 2019 $ 98,200 79,500 1 8,700 504 2,504 99 454 311 281 254 1 .090 211 1,302 4,692 11,682 7,013 1,965 $ 5,953 2020 2019 Current Assets Cash $ 18,027 $ 12,424 Inventories 15,550 17,340 Accounts receivable 3,400 3,230 Prepaid expenses 980 500 37,957 33,494 Property, plant and equipment 110,930 110,930 Less accumulated depreciation (18,730) (15,040) 92,200 95,890 Total Assets $ 130,157 $ 129,384 Current Liabilities Accounts payable $ 17,950 $ 18,490 Accrued compensation 4,500 4,766 Income taxes payable 5,515 5,950 Loan payable - short-term 3,900 3,500 31,865 32,706 Long-Term Liabilities Loan payable - long-term 37,980 39,220 37,980 39,220 Shareholders' Equity Net income 2,854 5.053 Common shares 37,968 37,968 Retained earnings 19,490 14,437 60,312 57,458 Total Liabilities & Shareholders' Equity $ 130,157 $ 129,384