Willy's World of Widgets, Inc. Income Statement For the Year Ended December 31, 2014 Widget Sales S 750,000 Cost of Goods Sold Gross Profit $ 400,000 $ 350,000 Operating Expenses Depreciation Expense Wages Expense Total Operating Expenses Net Operating Income $10,000 $ 235,000 $ 245,000 $ 105,000 Interest Expense Income Before Taxes Income Taxes $5,000 S 100,000 $ 40,000 Net Income $ 60,000 Willy's World of Widgets, Inc Balance Sheet As of December 31, 2014 Assets 2013 2014 $ 15,000$ 35,000 $ 180,000$ 75,000 $ 90,000$ 60,000 Current Assets Cash Accounts Receivable Inventory Total Current Assets $ 285,000 170,000 Property, Plant, and Equipment $ 12,000 12,000 52,000$ 32,000 64,000$ 44,000 $ (14,000)$ (4,000) Computers Equipment Less: Accumulated Depreciation