Total liabilities and equity $ 514,340 $ 445,400
FORTEN COMPANY Income Statement For Year Ended December 31, 2013
Sales $ 582,500
Cost of goods sold 289,000
Gross profit 293,500
Operating expenses
Depreciation expense $ 20,000
Other expenses 134,000 154,000
Other gains (losses)
Loss on sale of equipment (5,500)
Income before taxes 134,000
Income taxes expense 25,500
Net income $ 108,500