Project

project_in_2.xls

Statement of Retained Earnings


Baby Cakes International Inc
Statement of Retained Earnings
for the Years ended December 31, 2008 and 2007
	December 31"," 2008	December 31"," 2007
Retained Earnings, January 1	$375,000	$327,000
Net income for year	68,000	67,000
Total
Dividends Paid
Preferred Stock	$15,000	$12,000
Common Stock	7,000	7,000
Total Dividends Paid
Retained Earnings December 31


Baby Cakes International Inc
Income Statement
for the Years ended December 31, 2008 and 2007
	2008	2007
Sales	$1,055,000	$966,000
Sales returns	1,000	3,000
Sales Allowances	1,500	1,000
Sales Discounts	2,500	2,000
Net Sales	$1,050,000	$960,000
Cost of Goods Sold	400,000	390,000
Gross Profit	$650,000	$570,000
Selling Expenses	$270,000	$275,000
Administrative Expenses	195,000	165,000
Total operating expenses
Income from Operations
Other income	20,000	15,000
Other expense	96,000	48,000
Income before Tax
Income Tax Expense	41,000	30,000
NET INCOME


Baby Cakes International Inc
Balance Sheet
December 31, 2008 and 2007
ASSETS
	December 31"," 2008	December 31"," 2007
Current Assets
Cash	$165,000	$126,000
Securities	398,000	254,000
A/R	199,000	165,000
Inventory	84,000	52,000
Prepaids	25,000	18,000
Total Current Assets
Long Term Investments	300,000	200,000
Plant Property and Equipment (net of depreciation)	1,040,000	760,000
Total Assets
LIABILITIES
Accounts Payable	$290,000	$250,000
Long Term Liabilities
Mortgage note payable , 8% due 2011	300,000
Bonds Payable, 12% due 2015	600,000	400,000
Total Long-term liabilities
Total Liabilities
Stockholders' Equity
Preferred $6 stock, $100 par	$250,000	$200,000
Common Stock, $10 par	350,000	350,000
Retained Earnings	421,000	375,000
Total Stockholder's Equity
Total liabilities and stockholders' equity