1

2
3
4
5
6
7
8
9
14
15

$
$
$
$

Cash
2,500.00
28,090.00
130.00
2,880.00
$
$
$
$
$
$
$

Baking Materials
3
$
130.00
5 $ 14,400.00
10 $
256.00
16
$ 12,686.00
Equipment
8 $ 3,000.00
Accumulated Depreciation
$
250.00

14 $

Prepaid Rent
300.00

Prepaid Insurance
15 $ 1,120.00

Sales Revenue
2

$ 32,316.00

Salaries and Wages

6 $ 5,500.00
12 $
240.00

14,400.00
5,500.00
312.00
3,000.00
4,534.00
1,800.00
1,920.00

Accounts Receivable
2 $ 4,226.00

13

Common Stock
$ 2,500.00

Interest Expense
7 $
72.00
Notes Payable
$ 2,880.00
240.00

SG&A
9 $ 4,534.00
11 $
270.00

10
11
12

Account Payable
$
256.00
$
270.00
$
240.00

Depreciation Expense
13 $
250.00

17

Tax Payable
$ 1,292.80

2
6
7
9
11
12
13
14
15
16
17

Retained Earning
$ 32,316.00
5,500.00
72.00
4,534.00
270.00
240.00
250.00
1,500.00
800.00
12,686.00
1,292.80

4
7 $

$
$
$
$
$
$
$
$
$
$

Rent Expense
14 $ 1,500.00

15 $

Insurance Expense
800.00

COGS
16 $ 12,686.00
Tax Expense
17 $ 1,292.80

MAS Inc. Consoladated Balance Sheets (as May 31, 2002)

Assets
Current Asserts
Cash
Accounts Receivable
Baked Matrial
Prepaid Expense
Total Current Assets
PP&E
Total Assets

$
$
$
$
$
$
$

2,134.00
4,226.00
1,840.00
1,420.00
9,620.00
2,750.00
12,370.00

Liabilities
Current Liabilities
Accounts Payable
Tax Payable
Total Current Liability
Notes Payable
Total Liability

$
$
$
$
$

766.00
1,292.80
2,058.80
2,640.00
4,698.80

Shareholders' Equity
Common Stock
Retained Earning
Total Shareholder's Equity
Total Liabilities & shareholder's Equity

$
$
$
$

2,500.00
5,171.20
7,671.20
12,370.00

MAS Inc. Consolidated Statements of Income (as of May 31, 2002)

Operations
Revenue
COGS
SG&A
Total Operating Costs and Expenses
Operating Income
Interest Expense
Income Before Taxes
Income Taxes provision
Net Income

$
$
$
$
$
$
$
$
$

32,316.00
(20,976.00)
(4,804.00)
(25,780.00)
6,536.00
(72.00)
6,464.00
(1,292.80)
5,171.20