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PeTrina Sistrunk Chemalite, Inc. (#4, #5) ACCT-510 08/31/05 4. Prepare a set of financial statements for the stockholders for the year 2003: a statement of financial position at December 31, 2003; an income statement and a statement of cash flows for the year ended December 31, 2003. Chemalite, Inc. Balance Sheet Year ended December 31, 2003 Assets Current Assets Cash $113,000 Accounts Receivable $69,500 Inventory $55,000 Total current assets $237,500 Property, Plant, and Equipment Equipment $212,500 Total PP&E $212,500 Intangible Assets Patent $100,000 Total Intangible Assets $100,000 Total assets 237,500 + 212,500 + 100,000 $550,000 Liabilities and Shareholders Equity Liabilities Current Liabilities Accounts payable $0 Total Current Liabilities $0 Long-term liabilities Long-term loans $0 Total liabilities $0 Shareholders' Equity Common Stock $500,000 Retained Earnings $50,000 Total shareholders' equity $550,000 Total Liabilities and Shareholders' equity $550,000 Chemalite, Inc. Income Statement Year ended December 31, 2003 Sales $754,500 Materials $195,000 Manufacturing $350,000 Total COGS ($545,000) Gross Profit 754,500 - 545,000 $209,500 Gross Margin 754,500/ 209,500 = 28% Depreciation Expense $25,000 Operating Expense $133,750 Operating Income $50,750 Interest Expense $750 Income before income Taxes $50,000 Income Taxes 0 Net Income $50,000 Chemalite, Inc. Cash Flows Statement Year...

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