acct - FINANCIAL ACCOUNTING - Eighth Edition Solutions...

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FINANCIAL ACCOUNTING - Eighth Edition Solutions Manual Chapter 13: Financial Statement Analysis Page 1 of 3 ACCT 212 : Course Project 2 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%  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   0.5     Long-term liabilities . ...........................................................  135,160   21.0     Stockholders’ equity. ...........................................................  244,280   31.8     Total . ....................................................................................  $620,000   100.0%  Requirements 1. 2.
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acct - FINANCIAL ACCOUNTING - Eighth Edition Solutions...

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