Comparative Balance Sheet
Ellie’s Earphones Inc.
Comparative Balance Sheet
December 31, 2022 and 2021
Assets
2022
2021
Current Assets:
Cash
$
60,000
$
80,000
Accounts Receivable, Net
$
160,000
$
100,000
Merchandise Inventory
$
140,000
$
70,000
Prepaid Rent
$
20,000
$
10,000
$
380,000
$
260,000
Equipment
$
400,000
$
200,000
Less: Accumulated Depreciation - Equipment
$
(60,000)
$
(50,000)
Total Property, Plant, and Equipment
$
340,000
$
150,000
$
720,000
$
410,000
Total Current Assets
Property, Plant, and Equipment:
Total Assets
Liabilities and Stockholders’ Equity
2022
2021
Current Liabilities:
Accounts Payable
$
Dividends Payable
$
Notes Payable
$
Salaries Payable
166,000
$
39,000
$
-
55,000
$
50,000
$
10,000
$
20,000
Federal Income Taxes Payable
$
25,000
$
20,000
Total Current Liabilities
$
256,000
$
129,000
$
100,000
$
-
$
356,000
$
129,000
Common Stock, $10 Par
$
150,000
$
50,000
Paid-In Capital in Excess of Par
$
20,000
$
-
Retained Earnings
$
194,000
$
231,000
Total Stockholders’ Equity
$
364,000
$
281,000
$
720,000
$
410,000
-
Long Term Liabilities
Note Payable
Total Liabilities
Stockholders’ Equity:
Total Liabilities and Stockholders’ Equity
Ellie’s Earphones, Inc.
Comparative Statement of Income
For the Years Ended December 31, 2022 and 2021
2022
Sales
$
1,200,000
2021
$ 1,000,000
Cost of Goods Sold
$
744,000
$
600,000
Gross Margin
$
456,000
$
400,000
Operating Expenses:
Salaries and Wages Expense
$
250,000
$
200,000
Rent Expense
$
40,000
$
40,000
Depreciation Expense
$
30,000
$
20,000
$
320,000
$
260,000
$
136,000
$
140,000
Loss on Sale of Equipment
$
(1,000)
$
(7,000)
Interest Expense
$
(2,000)
$
(3,000)
$
(3,000)
$
(10,000)
Income before Taxes
$
133,000
$
130,000
Federal Income Taxes
$
30,000
$
39,000
Net Income
$
103,000
$
91,000
Total Operating Expenses
Income from Operations
Increase (Decrease) in Operating
Income