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INCOME STATEMENT
2017
2018
Net sales
$900,000
$1,500,000
Cost of goods sold
540,000
900,000
Gross profit
360,000
600,000
Marketing
90,000
150,000
General and administrative
250,000
Depreciation
40,000
EBIT
-20,000
160,000
Interest
45,000
60,000
Earnings before taxes
-65,000
100,000
Income taxes
0
25,000
Net income (loss)
-$65,000
$ 75,000
BALANCE SHEET
Cash
$ 50,000
$ 20,000
Accounts receivable
200,000
280,000
Inventories
400,000
500,000
Total current assets
650,000
800,000
Gross fixed assets
450,000
Accumulated depreciation
-100,000
-140,000
Net fixed assets
350,000
Total assets
$1,000,000
$1,200,000
Accounts payable
$ 130,000
$160,000
Accruals
50,000
70,000
Bank loan
Total current liabilities
270,000
330,000
Long-term debt
300,000
Common stock (0.05 par)
Additional paid-in-capital
Retained earnings
80,000
120,000
Total liabilities and equity
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