December 31,

2016

2015

Cash

$ 3 300

$1 000

Accounts receivable (net)

1,100

600

Inventory

11,200

4,300

Total Current Assets

$15,600

$5,900

Plant and equipment

$ 3,000

$2,300

Less accumulated depreciation

(1,300)

(800)

Plant and equipment (net)

$ 1,700

$1,500

Long-term  invesbnents

1,200

900

Total Assets

$18,500

$8,300

Accounts  payable

$ 3 300

$2,500

Accrued liabilities

700

600

Income taxes payable

Total Current Liabilities

$ 4,400

$3,200

Long-term debt

200

0

Total Liabilities

$ 4,600

$3,200

Common  stock  ($1par) and  additional paid-in capital

9,900

7,300

Retained  earnings

4,000

(2,200)

Total Liabilities and Equity

$18,500

$8,300

Income Statement for 2016

Sales

$94 000

Cost of goods sold

55 000

Gross profit

$39,000

Selling and administrative

$ 28,800

29,300

Depreciation

500

29,300

Operating profit

500

$ 9,700

Interest  expense

100

Earnings  before tax

$  9 600

Tax expense

3 400

Net income

$ 6,200