Requirement 1. Fill in the missing amounts. Begin by completing the income statement.

Toad Company
Income Statement
For the Year Ended December 31, 2012
Sales. . . . . . . . . . . . . . . . . .	$575,000
Cost of goods sold. . . . . . .
Gross profit on sales. . . . . .	215,000
Administrative expenses. .	60,000
Operating income. . . . . . . .
Interest expense. . . . . . . . .	7,000
Income tax expense. . . . .	44,400
Net income. . . . . . . . . . . . .

Toad Company
Balance Sheet
At December 31, 2012
Cash. . . . . . . . . . . . . . . .	$ ?	Accounts payable. . .	$13,500
Accounts receivable. . . . .	12,500	Note payable. . . . . . .	8,800
Inventory. . . . . . . . . . . . .	43,000
Equipment. . . . . . . . . . . . . .	973,000	Contributed capital. .	610,000
		Retained earnings. . .	?
Total. . . . . . . . . . . . . . . .	$1,124,500	Total	?