villa - VILLA TOOL COMPANY Income Statement For the Year...

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VILLA TOOL COMPANY Income Statement For the Year Ended December 31 2009 2008 Net sales $1,818,500 $1,750,500 Cost of goods sold 1,011,500 996,000 Gross profit 807,000 754,500 Selling and administrative expense 516,000 479,000 Income from operations 291,000 275,500 Other expenses and losses Interest expense 18,000 14,000 Income before income taxes 273,000 261,500 Income tax expense 81,000 77,000 Net income $ 192,000 $ 184,500 VILLA TOOL COMPANY Balance Sheets December 31 Assets 2009 2008 Current assets Cash $ 60,100 $ 64,200 Short-term investments 69,000 50,000 Accounts receivable (net) 117,800 102,800 Inventory 123,000 115,500 Total current assets 369,900 332,500 Plant assets (net) 600,300 520,300 Total assets $970,200 $852,800 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $160,000 $145,400 Income taxes payable 43,500 42,000 Total current liabilities 203,500 187,400 Bonds payable 200,000 200,000 Total liabilities 403,500 387,400 Stockholders’ equity Common stock ($5 par) 280,000 300,000
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villa - VILLA TOOL COMPANY Income Statement For the Year...

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