Comprehensive Balance Sheet and Income Statement

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Comprehensive Balance Sheet
December 31st 2012

Assets
Current Assets
Cash $42,485
Account Receivable$165,824
Allowance for Doubtful accounts 1,850
Net Accounts Receivable 163,974
Inventories 499,493
Securities (available for sale/at fair market value) 28,250 Notes Receivable (due next year) 23,000
Prepaid Expenses 16,252
Total Current Assets……………………………………………………………………………………$773,454

Non-Current Assets
Investments in Warren Co. $87,500
Land 125,000
Building$975,800
Accumulated Depreciation 341,200
Net building 634,600
Goodwill 100,000
Patents 125,000
Copyrights 105,000
Trademarks 80,000
Deposits with Vendors 50,000
Total Noncurrent Assets……………………………………………………………………………… $1,307,100

Total Assets $2,080,554

Liabilities and Stockholder’s Equity
Liabilities
Current Liabilities
Accounts Payable $197,532
Income Taxes Payable 62,520
Salaries Payable52,000
Notes Payable to Banks50,000
Mortgage Payable-current portion18,000
Accrued Liabilities 9,500
Accrued Interest on Notes payable 500
Customer Deposits (expected to be paid next year) 420
Total Current Liabilities……………………………………………………………………………………. $390,472

Non-Current Liabilities
Mortgage Payable $290,000
Twenty-year, 12% Bonds, due 1/01/13500,000
Total Non-current Liabilities………………………………………………………………………………. $790,000

Total Liabilities$1,180,472
Stockholder’s equity
Preferred Stock, 7%$300,000
Common Stock 400,000
Additional Paid-in Capital 37,500
Retained Earnings 162,582
Total Stockholders’ equity………………………………………………………………………………... $900,000

Total...
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