CourseProject2_ACCT212_Benson

CourseProject2_ACCT212_Benson - FINANCIAL ACCOUNTING -...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
FINANCIAL ACCOUNTING - Eighth Edition Solutions Manual Chapter 13: Financial Statement Analysis Page 1 of 3 ACCT 212 : Course Project 2 Go to next tab to solve! McDonough Products, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2010 McDonough Net sales. ..............................................................................  $700,000   100.00%  Cost of goods sold. .............................................................  490,000   57.30%  Gross profit. .........................................................................  210,000   42.70%  Operating expenses . ..........................................................  175,000   29.40%  Operating income. ...............................................................  35,000   13.30%  Other expenses. ...................................................................  7,000   2.50%  Net income . .........................................................................  $28,000   10.80%  McDonough Products, Inc. Balance Sheet Compared with Industry Average December 31, 2010 McDonough Current assets. .....................................................................  $471,200  72.1%   Fixed assets, net . ................................................................  114,700  19.0% Intangible assets, net . .........................................................  21,080  4.8% Other assets. ........................................................................  13,020  4.1% Total . ....................................................................................  620,000  1.0% Current liabilities . ................................................................  240,560  47.2% Long-term liabilities . ...........................................................  135,160  21.0% Stockholders’ equity. ...........................................................  244,280  31.8% Total . ....................................................................................  $620,000  1.0% Industry Average Current Ratio 1.53 Industry Average Total Debt to Total Assets
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/09/2011 for the course ACCT212 3677847 taught by Professor Carolynread during the Fall '09 term at DeVry Chicago.

Page1 / 3

CourseProject2_ACCT212_Benson - FINANCIAL ACCOUNTING -...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online