SMC, Inc. Balance Sheet December 31, 2017
Assets Cash
.........................................................................................................
$34,500
Accounts receivable
................................................................................
25,000
Inventory
..................................................................................................
10,000
Supplies
...................................................................................................
200
Total
assets..............................................................................................
$69,700
Liabilities and Stockholders’ Equity
Liabilities: Accounts payable
.............................................................................
$12,000
Salaries payable
...............................................................................
1,000 Income
taxes payable
......................................................................
3,675
Total
liabilities..........................................................................................
$16,675
Stockholders’ equity: Capital stock (10,000 shares
outstanding).................................... $25,000
Retained earnings
............................................................................
28,025
Total stockholders’ equity
.......................................................................
53,025
Total liabilities and stockholders’
equity................................................ $69,700
SMC, Inc. Income Statement For the Year Ended
December31,2017
Sales revenue
.............................................................................................