INCOME STATEMENT 2016 BALANCE SHEET
SALES $ 10,000 ASSETS
COST OF GOODS $4,000 Cash $5,000
GROSS PROFIT$ 6,000 Accounts receive $3,000
SGA EXPENSE $ 3,000 inventory $17,000
EBIT$ 3,000 Current assets $25,000
INTEREST$ 200 Equipment(gross) $27,000
BEFORE TAX EARNINGS 2,800 Less Accum Depreciation (12,000)
TAXES 1,000 Equipment(net) $15,000
NET INCOME $1800 Total assets $ 40,000
EPS $1.80 Liabilities and Equity
Dividends $ 600 Accounts payable $17,000
Addition to retained earnings $ 1,200 Current Liabilities$ $17,000
Long term debt $ 3,000
Total liabilities $20,000
Common stock(1000 shares) $ 7,000
Retained Earnings $13,000
Total Equity $20,000
Total liabilities & Equity $40,000
Prepare a graph of sales and net income for years 2013-2016 Joe's fly by night
your sales Net Income
2013 $8200 $1500
2014 $8000 $1400
2015 $9000 $1600
2016 $10,000 $1800