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INCOME STATEMENTS
1st Qtr
2008.00
2009.00
2010.00
2011.00
Net sales
1697.00
2013.00
2694.00
718.00
Cost of goods sold
Beginning inventory
183.00
239.00
326.00
418.00
Purchases
1278.00
1524.00
2042.00
660.00
1461.00
1763.00
2368.00
1078.00
Ending inventory
239.00
326.00
418.00
556.00
Total cost of goods sold
1222.00
1437.00
1950.00
522.00
Gross profit
475.00
576.00
744.00
196.00
Operating expense
425.00
515.00
658.00
175.00
Earnings before interest and taxes
50.00
61.00
86.00
21.00
Interest expense
13.00
20.00
33.00
10.00
Net income before income taxes
37.00
41.00
53.00
11.00
Provision for income taxes
6.00
7.00
9.00
2.00
Net income
31.00
34.00
44.00
9.00
BALANCE SHEETS
1st Qtr
2008
2009
2010
2011
Cash
58.00
49.00
41.00
31.00
Accounts receivable, net
171.00
222.00
317.00
345.00
Inventory
239.00
325.00
418.00
556.00
Current assets
468.00
596.00
776.00
932.00
Property, net
126.00
140.00
157.00
162.00
Total assets
594.00
736.00
933.00
1094.00
Notes payable, bank
–
0.00
146.00
233.00
247.00
Notes payable, Mr. Stark
105.00
–
0.00
–
0.00
–
0.00
Notes payable, trade
–
0.00
–
0.00
–
0.00
157.00
Accounts payable
124.00
192.00
256.00
243.00
Accrued expenses
24.00
30.00
39.00
36.00
Long-term debt, current portion
7.00
7.00
7.00
7.00
Current liabilities
260.00
375.00
535.00
690.00
Long-term debt
64.00
57.00
50.00
47.00
Total liabilities
324.00
432.00
585.00
737.00
Net worth
270.00
304.00
348.00
357.00
Total liabilities and net…