COMFY HOME COMPANY

Balance Sheet
As of December 31, 2016

Current Assets: Current Liabilities:

Cash $ 110,000 Accounts Payable $ 90,000
Accounts receivable $ 140,000 Salaries and wages payable $ 20,000
Inventories $ 310,000 Current portion of bank loan $ 45,000
Prepaid expenses $ 25,000 Deferred revenue $ 15,000
Total Current Assets $ 585,000 Total Current Liabilities $ 170,000

Non-Current Assets: Non-Current Liabilities:

Furniture and fixtures $ 120,000 Bank Loan $ 300,000
Buildings and property $ 450,000 Total Non-Current Liabilities $ 300,000
(Accumulated Depreciation) $ (154,000)
Total Non-Current Assets $ 416,000 Owners' Equity:
Contributed Capital $ 250,000
Retained earnings $ 281,000
Total Equity $ 531,000

Total Assets $ 1,001,000 Total Liabilities and Owners' Equity $ 1,001,000

COMFY HOME COMPANY

Balance Sheet
As of December 31, 2017
Current Assets: Current Liabilities:
Cash $ 95,000 Accounts Payable $ 192,000
Accounts receivable $ 310,000 Salaries and wages payable $ 28,000
Inventories $ 358,000 Current portion of bank loan $ 45,000
Prepaid expenses $ 33,000 Deferred revenue $ 23,000
Total Current Assets $ 796,000 Total Current Liabilities $ 288,000

Non-Current Assets: Non-Current Liabilities:

Furniture and fixtures $ 135,000 Bank Loan $ 255,000
Buildings and property $ 500,000 Total Non-Current Liabilities $ 255,000
(Accumulated Depreciation) $ (194,000)
Total Non-Current Assets $ 441,000 Owners' Equity:
Contributed Capital $ 250,000
Retained earnings $ 444,000
Total Equity $ 694,000

Total Assets $ 1,237,000 Total Liabilities and Owners' Equity $ 1,237,000

 COMFY HOME COMPANY
Income Statement
For the year ending December 31, 2017
Total Revenue $ 1,598,000
Cost of Goods Sold $ 958,000
Gross Profit $ 640,000
Salaries and wages $ 195,000
Marketing expenses $ 48,000
Selling, General, and Administrative $ 93,000
Insurance expense $ 39,000
Depreciation expense $ 40,000
Operating Profit $ 225,000
Interest $ 27,000
Taxes $ 35,000
Net Income $ 163,000