The comparative statements of McGillis Company are presented here. McGILLIS COMPANYIncome StatementsFor the Years Ended December 3120102009Net sales$1,890,540$1,750,500Cost of goods sold1,058,540996,000Gross profit832,000754,500Selling and administrative expense506,000479,000Income from operations326,000275,500Other expenses and losses Interest expense25,00019,000Income before income taxes301,000256,500Income tax expense90,00077,000Net income$211,000$179,500McGILLIS COMPANYBalance SheetsDecember 31Assets20102009Current assets Cash$60,100$64,200 Short-term investments74,00050,000 Accounts receivable117,800102,800 Inventory123,000115,500 Total current assets374,900332,500Plant assets (net)615,300520,300Total assets$990,200$852,800Liabilities and Stockholders' EquityCurrent liabilities Accounts payable$160,000$145,400 Income taxes payable43,50042,000 Total current liabilities203,500187,400Bonds payable210,000200,000 Total liabilities413,500387,400Stockholders' equity
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1920, 1916, cash debt coverage, cash flow., McGillis Company