Comparative Income Statements For the years ending 12/31/2020; 12/31/2019; 12/31/2018 Comparative Balance Sheets December 31, 2020; December 31, 2019; December 31, 2018 2020 2019 2018 2020 2019 2018 Assets Sales 341,729 335,007 325,994 Current Assets Cost of Goods Sold 107,930 100,502 104,318 Cash 143,291 113,475 110,802 Gross Profit 233,799 234,505 221,676 Accounts Receivable 45,011 35,997 Operating Expenses Depreciation Expense Salaries Expense 33,077 Merchandise Inventory 105,206 93,067 90,005 33,402 32,145 30,042 Supplies 9,457 8,400 7,500 120,990 119,048 114,089 Prepaid Rent 21,000 17,000 16,000 Utilities Expense 18,475 17,806 16,135 Total Current Assets Supplies Expense Rent Expense Total Operating Expenses 323,965 267,939 257,384 3,402 4,115 4,500 Fixed Assets 24,000 18,000 17,000 Equipment 258.469 231,513 218,003 200,269 191.114 181,766 Accumulated Depr., Equip. (85,011) (77,065) (75,115) Income from Operations 33,530 43,391 39,910 Total Fixed Assets 173,458 154,448 142,888 Other Revenues & Gains Total Assets 497,423 422,387 400,272 Gain on Sale of Equipment 400 Other Expenses & Losses Liabilities and Owners' Equity Interest Expense 2,290 2,328 2,860 Liabilities Income before Income Taxes 31,640 41,063 37,050 Current Liabilities Income Tax Expense 9,492 12,319 11,115 Accounts Payable 32,705 30,899 37,115 Net Income 22,148 28,744 25,935 Salaries Payable 10,420 11,600 10,330 Utilities Payable 3,401 2,875 2,800 Geller Corporation Unearned Revenue 10,478 9,942 8,750 Statement of Retained Earnings Total Current Liabilities 57,004 55,316 58,995 For the Year Ending December 31, 2020 Long-Term Liabilities Notes Payable 45,800 38,800 35,750 Retained Earnings, 1/1/2020 78,271 Total Liabilities 102,804 94,116 94,745 Add: Net Income 22,148 Owners' Equity 100,419 Common Stock 300,000 250,000 250,000 Less: Dividends 5,800 Retained Earnings 94,619 78,271 55,527 Retained Earnings, 12/31/2020 94,619 Total Owners' Equity 394,619 328,271 305,527 Total Liabilities and Owners' Equity 497,423 422,387 400,272 Additional Information: 1. Sold equipment that originally cost $38,044 for $12,988. 2. Purchased equipment for cash; $65,000. Shares Issued and Outstanding 15,000 12,500 12,500 * No-par value stock