Homework for Chapter 3: Problem #1 in the text (Chapter 3) Sweet Dreams Corp. Income Statement For the Year Ended Dec. 31 2017 Sweet Dreams Corp. Balance Sheet As of Dec. 31 2017 Sales 2017 2016 3,074,000 2,567,000 Assets Cash 2017 431,000 2016 339,000 Cost of Goods Sold 2,088,000 1,711,000 Gross Profit Selling and G&A 986,000 856,000 294,000 295,000 Expenses Fixed Expenses Depreciation Expense EBIT Interest Expense Earnings Before 325,000 418,000 303,000 93,000 91,000 212,000 35,000 35,000 239,000 223,000 Accounts Receivable Inventories Total Current Assets Gross Fixed Assets Accumulated Depreciation Net Fixed Assets Total Assets 503,000 365,000 289,000 300,000 1,223,000 1,004,000 Taxes Taxes Net Income 94,000 64,000 231,000 148,000 4,669,000 4,322,000 2,295,000 2,056,000 2,374,000 2,266,000 3,597,000 3,270,000 Liabilities and Owners' Equity Accounts Payable 382,000 270,000 Short-term Notes 79,000 99,000 Payable Accrued Expenses 159,000 114,000 Long-term Debt Total Current Liabilities Total Liabilities 620,000 483,000 1,023,000 967,000 1,643,000 1,450,000 Common Stock 819,000 808,000 Retained Earnings 1,135,000 1,012,000 Total Shareholder's Equity 1,954,000 1,820,000 Total Liabilities and Owners' Equity 3,597,000 3,270,000