chapter 13 exercise - P13-2A The comparative statements of...

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P13-2A The comparative statements of McGillis Company are presented here. MCGILLIS COMPANY Income Statements For the Years Ended December 31 2010 2009 $1,890,540 $1,750,500 Cost of goods sold 1,058,540 996,000 Gross profit 832,000 754,500 Selling and administrative expenses 506,000 479,000 Income from operations 326,000 275,500 Other expenses and losses Interest expense 25,000 19,000 Income before income taxes 301,000 256,500 Income tax expense 90,000 77,000 Net income $ 211,000 $ 179,500 MCGILLIS COMPANY Balance Sheets December 31 2010 2009 Current assets $ 60,100 $ 64,200 Short-term investments 74,000 50,000 Accounts receivable 117,800 102,800 Inventory 123,000 115,500 Total current assets 374,900 332,500 Plant assets (net) 615,300 520,300 Total assets $990,200 $852,800 Liabilities and Stockholders' Equity 2010 2009 Current liabilities Accounts payable $160,000 $145,400 Income taxes payable 43,500 42,000 Total current liabilities 203,500 187,400 Bonds payable 210,000 200,000 Total liabilities 413,500 387,400 Stockholders' equity Common stock ($5 par) 290,000 300,000 Retained earnings 286,700 165,400
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MCGILLIS COMPANY Balance Sheets December 31 2010 2009 Total stockholders' equity 576,700 465,400 Total liabilities and stockholders' equity $990,200 $852,800 All sales were on account. Net cash provided by operating activities for 2010 was $220,000. Capital expenditures were $120,000, and
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