The comparative statements of McGillis Company are presented here

The comparative statements of McGillis Company are presented here

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
The comparative statements of McGil is Company are presented here.    McGILLIS COMPANY Income Statements For the Years Ended December 31 2010 2009 Net sales $1,890,540 $1,750,500 Cost of goods sold 1,058,540 996,000 Gross profit 832,000 754,500 Sel ing and administrative expense 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 Assets 2010 2009 Current assets       Cash $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 Current liabilities       Accounts payable
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/13/2011 for the course ACCT 201 taught by Professor D during the Spring '11 term at LCC Intl University.

Ask a homework question - tutors are online