The comparative income statements and balance sheets for Clarksville Corporation for the years 2010, 2011, and 2012
Question:
The comparative income statements and balance sheets for Clarksville Corporation for the years 2010, 2011, and 2012 are given below.
Required:
1. Prepare common-size income statements and balance sheets for Clarksville for 2010, 2011, and 2012.
2. Summarize any trends you see in Clarksville's numbers from 2010 to2012.
Transcribed Image Text:
Clarksville Corporation Comparative Income Statements For the Years Ended December 31 2010 2012 2011 $5,700,000 4,000,000 $1,700,000 $1,120,000 400,000 $1,520,000 $ 180,000 80,000 $ 260,000 80,000 $ 180,000 $6,600,000 4,800,000 $3,800,000 2,520,000 $1,280,000 S 960,000 Net sales, Cost of goods sold. Gross profit on sales Selling expense General expense Total operating expenses S1,800,000 $1,200,000 440,000 $1,640,000 S 160,000 130,000 $ 290,000 400,000 $1,360,000 $ (80,000) 160,000 $ 80,000 Operating income (loss) Other revenue (expense) Income before taxes. Income tax. 85,000 20,000 $ 205,000 $ 60,000 Net income Clarksville Corporation Comparative Balance Sheets December 31, 2012, 2011, and 2010 2012 2011 2010 Assets: $ 855,000 1,275,000 $ 955,500 1,075,000 $ 673,500 925,000 Current assets Land, building, and equipment. $ 100,000 61,500 $1,760,000 $ 100,000 48,000 $ 100,000 60,500 Intangible assets. Other assets Total assets $2,278,000 $2,191,000 Liabilities: $ 410,000 400,000 $ 810,000 $ 501,000 600,000 $1,101,000 $ 130,000 400,000 Current liabilities Long-term liabilities Total liabilities Stockholders' equity: Paid-in capital. Retained earnings. Total stockholders' equity. $ 530,000 S 800,000 290,000 $1,090,000 $2,191,000 $1,100,000 368,000 $1,468,000 $1,000,000 230,000 $1,230,000 Total liabilities and stockholders' equity. $2,278,000 $1,760,000
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1 Clarksville Corporation CommonSize Income Statements For the Years Ended December 31 2012 2011 and 2010 2012 2011 2010 Amount Amount Amount Net sales 5700000 1000 6600000 1000 3800000 1000 Cost of g...View the full answer
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Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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