BALANCE SHEET

Assets Amount
Current Assets
Cash 1000
Account Receivable 5000
(Less doubtful Account) 2000
Inventory 4000
Temporary Investment 6000
Prepaid Expenses 3000
Fixed Assets
Long-term Investment 4000
Land 10000
Building 20000
Less accumulated depreciation 15000
Plant and Equipment 5000
Less accumulated depreciation 3000
Furniture and fixtures 1000
 Liabilities Amount
Current Liabilities
Account payable 10000
Note payable 6000
Utility bills payable 5000
Interest payable 4000
Taxes payable 3000
Long Term Liabilities
Mortgage 500
Other Long Term Liabilities 1000
Share holder's Equity
Capital stock 28000
Retained Earning 500
 INCOME STATEMENT
Sales
Sales 150000
Less sales return 0
Net sale 150000
Cost of Goods Sold
Merchandises Inventory (opening) 20000
Add Purchases 100000
Less Purchase Return 0
Transport--- in 15000
Goods available for sale 121500
Less Merchandise (ending) -15000
Cost of Goods Sold -106500
Gross Profit 43500
Expenses
Salaries Expenses 70000
Advertising Expenses 2000
Taxes 1200
Insurance Expenses 1900
General Expenses 400
Selling Expenses 17000
Less total expenses -92500
Net Loss -49000
Rachel Mariya McGill
shumail Kalim Khanzada
Urooj Fatima shaikh