2022 2023

Assets
Current Assets
Cash 170,000.00 135,000.00
Accounts Receivable 50,000.00 26,000.00
Merchandise Inventory 141,500.00 120,000.00
Supplies 9,000.00 3,400.00
Total Current Assets 370,500.00 284,400.00
Property Plant And Equipment
Cars 500,000.00 500,000.00
Less: Accumulated Depreciation-Cars 120,000.00 60,000.00
380,000.00 440,000.00
Equipment 90,000.00 60,000.00
Less: Accumulated Depreciation- Equipment 7,000.00 2,000.00
83,000.00 58,000.00
Furniture And Fixtures 50,000.00 50,000.00
Less: Accumulated Depreciation-Furn. & Fixtures 6,000.00 3,000.00
44,000.00 47,000.00
Total Property, Plant And Equipment 507,000.00 545,000.00
Total Assets 877,500.00 829,400.00

Liabilities And Owners ‘ Equity

Current Liabilities
Accounts Payable 22,000.00 30,000.00
Rent Payable 20,000.00
Utilities Payable 15,000.00 11,000.00
Total Current Liabilities 57,000.00 41,000.00
Long Term Liability
Loans Payable 250,000.00 300,000.00
Total Liabilities 307,000.00 341,000.00
Shareholders’ Equity
Share Capital 400,500.00 388,400.00
Retained Earnings 170,000.00 100,000.00
Total 570,500.00 488,400.00
Total Liabilities And Shareholders’ Equity 877,500.00 829,400.00
 2022 2023

Sales 1,304,500.00 1,128,400.00

Cost Of Sales 455,000.00 377,200.00
Gross Profit 849,500.00 751,200.00
Less: Operating Expenses
Rent Expense 217,500.00 189,000.00
Salary Expense 180,000.00 152,000.00
Gas And Oil Expense 93,040.00 71,000.00
Depreciation Expense 68,000.00 65,000.00
Utilities Expense 38,000.00 31,000.00
Repair Expense 23,000.00 20,000.00
Supplies Expense 8,660.00 15,000.00
Total 628,200.00 543,000.00
Operating Profit 221,300.00 208,200.00
Less: Interest Expense 22,500.00 27,000.00
Net Income before Tax 198,800.00 181,200.00
30% Tax Provision 59,640.00 54,360.00
Net Income 139,160.00 126,840.00