The comparative income statement and balance sheet of Cowan Kitchen Counters, Inc. are shown. Net Sales (all on account) Cost of goods sold Gross profit Operating expenses Other expense (interest) Income tax expense Net income Cowan Kitchen Counters, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 Cash Government notes $2,584,000 1,868,200 $715,800 315,200 24,200 176,800 $199,600 Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 20-2 $255,400 250,000 20-1 $2,163,000 1,616,800 $546,200 221,800 24,200 106,300 $193,900 20-1 $243,200 250,000
The comparative income statement and balance sheet of Cowan Kitchen Counters, Inc. are shown. Net Sales (all on account) Cost of goods sold Gross profit Operating expenses Other expense (interest) Income tax expense Net income Cowan Kitchen Counters, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 Cash Government notes $2,584,000 1,868,200 $715,800 315,200 24,200 176,800 $199,600 Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 20-2 $255,400 250,000 20-1 $2,163,000 1,616,800 $546,200 221,800 24,200 106,300 $193,900 20-1 $243,200 250,000
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.1E
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