Table 4-3

Lesli Corporation

Balance Sheet Income Statement

Assets:

Cash $150,000 Sales (all credit) $6,000,000

Accounts receivable 350,000 Cost of goods sold (3,000,000)

Inventory 600,000 Operating expenses (900,000)

Net fixed assets 1,900,000 Interest expense (750,000)

Total assets 3,000,000 Income taxes (500,000)

Net income 850,000

Liabilities and owners