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A 2 3 4 Sales 5 Labor and Materials 6 Factory Overhead 7 Selling and General Expenses 8 Earnings Before Taxes 9 Taxes (30%) 10 Net Income 11 12 13 14 15 B C D E MAGNOLIA LLC Income Statement 2020 2019 2018 $1,468,800 $1,728,000 $1,350,000 5 638,550 $ 725,625 S 580,500 $ 250,000 $250,000 $250,000 $ 308,448 5 328,320 $ 162,000 S 271,802 $ 424,055 S 357,500 $ 81,541 $ 127,217 S 107,250 $ 190,261 5 296,839 $ 250,250 MAGNOLIA LLC Balance Sheet Assets 12/31/2020 12/31/2019 12/31/2018 $ 44,064 $ 138,240 $ 67,500 $ 411,264 $ 120,960 S 108,000 $ 102,816 S 86,400 S 54,000 $ 210,000 S 227,500 $ 160,000 S 768,144 5 573,100 S 389,500 Total Assets Assets 16 17 Cash 18 Accounts Receivables 19 Inventories 20 Fixed Assets 21 22 23 24 Liabilities 25 Account Payable 26 Notes Payable 27. Long-term Debt Sheet1 Liabilities $ 378,143 S 132,062 5 73,325 $ 131,300 $ 89,142 S 33,520 S 15,756 $ 108,951 $ 102,655 19