The comparative statements of Vaughn Company are presented here. Vaughn Company Income Statements For the Years Ended December 31 2022 2021 $1813.300 $1,745,300 Net sales 1,010,100 994,000 Cost of goods sold 803.200 751.300 Gross profit 512.200 481.600 Selling and administrative expenses 291.000 269,700 Income from operations Other expenses and losses 18,700 14,000 Interest expense 272,300 255,700 Income before income taxes 82,022 77,800 Income tax expense $ 190.278 $ 177,900 Net income Vaughn Company Balance Sheets December 31 Assets 2022 2021 Current assets Cash $59,500 $64,500 Debt investments (short-term) 70,800 50,500 Accounts receivable (net) 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 Total stockholders' equity 550,700 463,100 Total liabilities and stockholders' equity $971,900 $848,400

The comparative statements of Vaughn Company are presented here. Vaughn Company Income Statements For the Years Ended December 31 2022 2021 $1813.300 $1,745,300 Net sales 1,010,100 994,000 Cost of goods sold 803.200 751.300 Gross profit 512.200 481.600 Selling and administrative expenses 291.000 269,700 Income from operations Other expenses and losses 18,700 14,000 Interest expense 272,300 255,700 Income before income taxes 82,022 77,800 Income tax expense $ 190.278 $ 177,900 Net income Vaughn Company Balance Sheets December 31 Assets 2022 2021 Current assets Cash $59,500 $64,500 Debt investments (short-term) 70,800 50,500 Accounts receivable (net) 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 Total stockholders' equity 550,700 463,100 Total liabilities and stockholders' equity $971,900 $848,400

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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