p14-2b - Name: Date: Instructor: Course: Managerial...

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FileName: 9d99582e67a803fa91310cac73580bc2cfd96e2a.xls, Tab: Problem P14-2B, Page 1 of 2, 12/28/2011, 19:03:38 Name: Date: Instructor: Course: Problem P14-2B, The comparative statements of Nathan Hale Company are presented here. NATHAN HALE COMPANY Income Statements For the Years Ended December 31 2005 2004 Net sales $1,918,500 $1,750,500 Cost of goods sold 1,005,500 996,000 Gross profit 913,000 754,500 Selling and administrative expense 506,000 479,000 Income from operations 407,000 275,500 Other expenses and losses Interest expense 25,000 19,000 Income before income taxes 382,000 256,500 Income tax expense 114,400 77,000 Net income $267,600 $179,500 NATHAN HALE COMPANY Balance Sheets December 31 Assets 2005 2004 Current assets Cash $60,100 $64,200 Short-term investments 54,000 50,000 Accounts receivable (net) 107,800 102,800 Inventory 143,000 115,500 Total current assets 364,900 332,500 Plant assets (net) 625,300 520,300 Total assets $990,200 $852,800 Liabilities and Stockholders' Equity Current liabilities Accounts payable $170,000 $145,400 Income taxes payable 43,500 42,000 Total current liabilities 213,500 187,400 Bonds payable 210,000 200,000 Total liabilities 423,500 387,400 Stockholders' equity Common stock, ($5 par) 280,000 300,000 Retained earnings 286,700 165,400
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p14-2b - Name: Date: Instructor: Course: Managerial...

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