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Accounting Course Project #2

Accounting Course Project #2 - McDonough Products Inc...

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McDonough Products, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2010 McDonough Net sales ............................................................................ $700,000 100.0% Cost of goods sold ............................................................. 490,000 57.3 Gross profit ........................................................................ 210,000 42.7 Operating expenses .......................................................... 175,000 29.4 Operating income .............................................................. 35,000 13.3 Other expenses .................................................................. 7,000 2.5 Net income ........................................................................ $28,000 10.8% Ratio Gross Profit net sales less cost of goods plus other income = 700000-490000=210000 30% Ratio gross profit is less the industry average Ratio operating income is better the industry average Ratio Operating Income Ratio net income is also above industry average gross profit less operating expenses = 210000-175000= 35000 16.6% Ratio Net Income gross profit less operating expenses less fixed expenses = 210000-175000-7000= $28000 13.40% Industry Average
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McDonough Products, Inc. Balance Sheet Compared with Industry Average December 31, 2010 McDonough Current assets ....................................................................
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