Vera's Magic Garden Ltd. Comparative Income Statement Year Ended December 31 2018 2019 2020 2021 2022 Sales revenue Cost of goods sold Gross profit $ 1.528,013 S 1 591,680 S 1.658,000S 1.740.900S 1.827.945 580,645 588.922 622.000 652,838 703.759 947,368 1.002.758 1.036,000 1,088,063 (1.124,186 Operating expenses: Selling expense Salaries & wages expense Utilities expense Property tax expense Insurance expense Depreciation expense Supplies expense Interest expense General & administrative expense Total operating expenses 95,550 216,899 34.398 34,000 22,000 50,000 15,288 136,640 146,192 750,966 98,000 222,460 35,280 35,000 22,000 50,000 15.680 113.640 149.940 742,000 100,000 227,000 36,000 35,000 23,000 50,000 16,000 90,640 153,000 730,640 103.000 233,810 37,080 38,000 24,000 50,000 16,480 67.640 157,590 727,600 106,090 240,824 38,192 38,000 24,000 50,000 16,974 44.640 162.318 721,039 income before income tax Income tax expense Net income 196,402 49.100 147.301 260.758 65,190 195.569S (12395,360 76.340 229,020 S 360,463 90.116 270,347 1403,147 100.787 302.360 s $ Vera's Magic Garden Ltd. Balance Sheet December 31 2018 2019 2020 2021 2022 A $ $ $ 125,000 130,000 43,273 S 140,000 172 204 146,500 Assets Current Assets Cash Accounts receivable Interest receivable Notes receivable Prepaid expenses Supplies Inventories Total Current Assets 11,000 500 243,000 379,500 $ 10.000 11,000 400 212,000 363,400 $ $ 145,000 28.000 20,000 12,000 300 151,000 356,300 $ 10,000 12,000 350 107,500 313,123 $ 5,000 12,000 450 43,500 379,654 $ 813,000 813,000 813,000 813,000 813,000 940,000 920,000 900.000 880,000 860,000 210,000 180,000 150,000 120,000 90.000 1,963,000 1,913,000 1,863,000 1,813,000 1.763,000 $ 2,342,500 $ 2,276,400 $ 2,219,300 $2,126,123 $ 2,142,654 $ s Property, plant and Equipment Land Buildings (netof depreciation), Equipment (net of depreciation) Total Property, Plant and Equipment Total Assets Liabilities and Shareholders' Equity Current Liabilities Bank Indebtedness Accounts payable Interest payable Income tax payable Current portion of Mortgage payable Current portion of Loan payable Deferred revenue Total Current Liabilities Non-Current Liabilities Mortgage payable Loan payable Total Non-Current Llabilities Total Liabilities Shareholders' Equity Common shares Retained earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity 32,610 $ 24,000 136,640 49,100 50.000 200.000 96,119 $ 29,000 113,640 65,190 50,000 200.000 5,000 $ 36,300 90,640 76,340 50.000 200.000 68,000 526,280 $ 30,000 67640 90.116 50,000 200,000 31,500 44,640 100,787 50,000 200,000 $ 492,350 $ 553,949 $ 437,756 $ 426,927 439.000 413.000 539,000 813,000 1,352,000 1,844,350 489,000 613,000 1,102,000 1,655.949 852.000 1,378,280 389,000 213,000 602,000 1,039,756 339,000 13,000 352,000 778,927 163.000 163.000 213.000 213,000 213,000 335,150 457 451 628.020 873,367 1,150.727 498,150 620 451 841,020 1,086,367 1,363,727 $ 2,342,500 $ 2.276.400 $ 2.219,300 $ 2,126,123 5 2,142,654 Vera's Magic Garden Ltd. Comparative Income Statement Year Ended December 31 2018 2019 2020 2021 2022 Sales revenue Cost of goods sold Gross profit $ 1.528,013 S 1 591,680 S 1.658,000S 1.740.900S 1.827.945 580,645 588.922 622.000 652,838 703.759 947,368 1.002.758 1.036,000 1,088,063 (1.124,186 Operating expenses: Selling expense Salaries & wages expense Utilities expense Property tax expense Insurance expense Depreciation expense Supplies expense Interest expense General & administrative expense Total operating expenses 95,550 216,899 34.398 34,000 22,000 50,000 15,288 136,640 146,192 750,966 98,000 222,460 35,280 35,000 22,000 50,000 15.680 113.640 149.940 742,000 100,000 227,000 36,000 35,000 23,000 50,000 16,000 90,640 153,000 730,640 103.000 233,810 37,080 38,000 24,000 50,000 16,480 67.640 157,590 727,600 106,090 240,824 38,192 38,000 24,000 50,000 16,974 44.640 162.318 721,039 income before income tax Income tax expense Net income 196,402 49.100 147.301 260.758 65,190 195.569S (12395,360 76.340 229,020 S 360,463 90.116 270,347 1403,147 100.787 302.360 s $ Vera's Magic Garden Ltd. Balance Sheet December 31 2018 2019 2020 2021 2022 A $ $ $ 125,000 130,000 43,273 S 140,000 172 204 146,500 Assets Current Assets Cash Accounts receivable Interest receivable Notes receivable Prepaid expenses Supplies Inventories Total Current Assets 11,000 500 243,000 379,500 $ 10.000 11,000 400 212,000 363,400 $ $ 145,000 28.000 20,000 12,000 300 151,000 356,300 $ 10,000 12,000 350 107,500 313,123 $ 5,000 12,000 450 43,500 379,654 $ 813,000 813,000 813,000 813,000 813,000 940,000 920,000 900.000 880,000 860,000 210,000 180,000 150,000 120,000 90.000 1,963,000 1,913,000 1,863,000 1,813,000 1.763,000 $ 2,342,500 $ 2,276,400 $ 2,219,300 $2,126,123 $ 2,142,654 $ s Property, plant and Equipment Land Buildings (netof depreciation), Equipment (net of depreciation) Total Property, Plant and Equipment Total Assets Liabilities and Shareholders' Equity Current Liabilities Bank Indebtedness Accounts payable Interest payable Income tax payable Current portion of Mortgage payable Current portion of Loan payable Deferred revenue Total Current Liabilities Non-Current Liabilities Mortgage payable Loan payable Total Non-Current Llabilities Total Liabilities Shareholders' Equity Common shares Retained earnings Total Shareholders' Equity Total Liabilities and Shareholders' Equity 32,610 $ 24,000 136,640 49,100 50.000 200.000 96,119 $ 29,000 113,640 65,190 50,000 200.000 5,000 $ 36,300 90,640 76,340 50.000 200.000 68,000 526,280 $ 30,000 67640 90.116 50,000 200,000 31,500 44,640 100,787 50,000 200,000 $ 492,350 $ 553,949 $ 437,756 $ 426,927 439.000 413.000 539,000 813,000 1,352,000 1,844,350 489,000 613,000 1,102,000 1,655.949 852.000 1,378,280 389,000 213,000 602,000 1,039,756 339,000 13,000 352,000 778,927 163.000 163.000 213.000 213,000 213,000 335,150 457 451 628.020 873,367 1,150.727 498,150 620 451 841,020 1,086,367 1,363,727 $ 2,342,500 $ 2.276.400 $ 2.219,300 $ 2,126,123 5 2,142,654