Income Statement $2023$

Sales $ $5,730,000$

Cost of goods sold $3,020,000$

Depreciation $299,200$

Selling and administrative expenses $1,602,000$

EBIT $ $808,800$

Interest expense $170,000$

Taxable income $ $638,800$

Taxes $289,300$

Net income $ $349,500$

Balance Sheet, Year$-$End $20232022$

Assets

Cash $ $42,600$ $ $85,000$

Accounts receivable $600,0001,474,300$

Inventory $445,5001,025,500$

Total current assets $ $1,088,100$ $ $2,584,800$

Fixed assets $2,861,0006,043,000$

Total assets $ $3,949,100$ $ $8,627,800$

Liabilities and shareholders$$ equity

Accounts payable $ $316,400$ $ $1,042,000$

Short$-$term debt $498,0001,279,500$

Total current liabilities $ $814,400$ $ $2,321,500$

Long$-$term bonds $1,854,4005,115,500$

Total liabilities $ $2,668,800$ $ $7,437,000$

Common stock $ $311,700$ $ $311,700$

Retained earnings $968,600879,100$

Total shareholders$$ equity $ $1,280,300$ $ $1,190,800$

Total liabilities and shareholders$$ equity $ $3,949,100$ $ $8,627,800$