Balance Sheet
December, 31 20XX

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

Investments
Investments in Warren Co $87,500

Fixed Assets
Land at Cost $125,000
Building at Cost $975,800
Less Accumulated Depreciation $341,200
Total Fixed Assets $759,600

Intangible Assets
Copyrights $105,000
Good Will $100,000
Patents $125,000
Trademarks $80,000
Total Intangible Assets $410,000

Other Assets
Deposits with Vendors – based on long term purchase contracts $50,000

Total Assets $2,080,554

Liabilities & Stockholders’ equity

Current Liabilities
Notes Payable to banks $50,000
Accounts Payable $197,532
Accrued Interest on Notes Payable $500
Salaries Payable $52,000
Income Taxes Payable $62,520
Mortgage Payable – Current $18,000
Accrued Liabilities $9,500
Customer Deposits (expected to be paid next year) $420
Total Current Liabilities $390,472

Long Term Liabilities
Bond – Twenty year, 12% Due 1/1/2013 $500,000
Mortgage Payable – noncurrent $290,000
Total Long Term Liabilities $790,000
Total Liabilities $1,180,472

Stockholders’ Equity
Paid in on Capital Stock
Preferred Stock, 7% $300,000
Common Stock $400,000
Additional Paid in Capital $37,500
Retained Earnings $162,582
Total Stockholders’ Equity $900,082

Total Liabilities & Stockholders’ Equity $2,080,554

Income Statement
December 31, 20XX

Revenues
Sales Revenue $2,000,000
Sales Discounts