2 of 4 Vahlberg Company Income Statement For the Years Ended December 31 2020 2019 Net sales $1,813,300 $1,745,300 Cost of goods sold 1,010,100 994,000 Gross profit 803,200 751,300 Selling and administrative expenses 512.200 481,600 Income from operations 291,000 269,700 Other expenses and losses Interest expense 18,700 14,000 Income before income taxes 272,300 255,700 Income tax expense 82,022 77,800 Net income $ 190,278 $ 177,900 Wahlberg Company Balance Sheets December 31 Assets 2020 2019 Current assets Cash $59,500 $64,500 Debt investments (short-term) 70,800 50,500 Accounts receivable 117,900 101,500 Inventory 123,000 115,600 Total current assets 371,200 332,100 Plant assets (net) 600,700 516,300 Total assets $971,900 $848,400 Liabilities and Stockholders' Equity Current liabilities Accounts payable $159,000 $144,100 Income taxes payable 42,200 41,200 Total current liabilities 201,200 185,300 Bonds payable 220,000 200,000 Total liabilities 421,200 385,300 Stockholders' equity Common stock ($5 par) 276,800 299,800 Retained earnings 273,900 163,300

2 of 4 Vahlberg Company Income Statement For the Years Ended December 31 2020 2019 Net sales $1,813,300 $1,745,300 Cost of goods sold 1,010,100 994,000 Gross profit 803,200 751,300 Selling and administrative expenses 512.200 481,600 Income from operations 291,000 269,700 Other expenses and losses Interest expense 18,700 14,000 Income before income taxes 272,300 255,700 Income tax expense 82,022 77,800 Net income $ 190,278 $ 177,900 Wahlberg Company Balance Sheets December 31 Assets 2020 2019 Current assets Cash $59,500 $64,500 Debt investments (short-term) 70,800 50,500 Accounts receivable 117,900 101,500 Inventory 123,000 115,600 Total current assets 371,200 332,100 Plant assets (net) 600,700 516,300 Total assets $971,900 $848,400 Liabilities and Stockholders' Equity Current liabilities Accounts payable $159,000 $144,100 Income taxes payable 42,200 41,200 Total current liabilities 201,200 185,300 Bonds payable 220,000 200,000 Total liabilities 421,200 385,300 Stockholders' equity Common stock ($5 par) 276,800 299,800 Retained earnings 273,900 163,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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