CLASS EXERCISE FINANCIAL STATEMENTS FOR BLAZE CORPORATION BLAZE CORPORATION

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FINANCIAL STATEMENTS FOR Blaze CORPORATION





Blaze Corporation

Income Statement

For the year 1998



Sales Revenue $732,000

Cost of Goods Sold (400,000)

Gross Profit $332,000

Expenses:

Utilities $ 25,000

Wages 115,000

Miscellaneous 31,000

Rent 30,000

Depreciation 62,500

Interest 40,000

(303,500)

$ 28,500




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Blaze Corporation

Statement of Financial Position

December 31, 1998



Assets: Liabilities:

Cash* $ 834,000 Accounts Payable $ 30,000

Accounts Receivable 14,000 Wages Payable 2,000

Inventory 50,000 Interest Payable 40,000

Prepaid Rent 60,000 Notes Payable 400,000

Equipment 437,500 Stockholders' Equity:

Capital Stock 900,000

Retained Earnings 23,500

Total Assets $1,395,500 Total Liabilities & Equity $1,395,500






*$834,000 = $900,000 + $718,000 - $90,000 - $100,000 - $420,000 - $169,000 - $5,000




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