VIRTUAL GAM For the year ended December 31 2019 2018 Net sales Cost of goods soid 2,474,000 1944,000 Gross profit 1,006,000 1,062,000 Operating expenses 949,000 852,000 Depreclation expense 24,000 24,000 7,400 5,000 12,000 7400 45,000 Interest expense Income tax expense Total expenses 995,400 940,400 Net Income $ 10,600 $ 121,600 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2019 2018 Assets Current assets: $198,000 $180,000 $138,000 72,000 75,000 54,000 122,000 99,000 129,000 13,400 11,400 5,280 Cash Accounts recevable ie Long-term assets: 99,00099,000 Investment in bonds 1n Equipment Less: Accumulated depreclation 0 294,000 204,000 234,000 294,000 264,000 204,000 (B4,000 (60,000) (36,000) $1,008,400 s872,400 $728,280 Total assets Liabilities and Stockholders' Equity Current llabilties s 244,200 s60,000 $98.480 7,200 4.800 2400 Accounts payable Interest payable Income tax payable Notes payable Common stock 2,000 13,400 340,000 279,000 219,000 294,000 294,000 294,000 Stockholders' equity Retained earnings 111,600 222,600 101,000 Total labilities and stockholders $1,008,400 5872,400 $728,280