Selected year-end financial statements of McCord Corporation follow. (Note: All sales are on credit; selected balance sheet amounts at December 31, 2004, were inventory, $32,400; total assets, $182,400; common stock, $90,000; and retained earnings, $31,300.)
McCORD CORPORATION
Income Statement
For Year Ended December 31, 2005
| Sales | $348,600 |
| Cost of goods sold | 229,150 |
| Gross profit | 119,450 |
| Operating expenses | 52,500 |
| Interest expense | 3,100 |
| Income before taxes | 63,850 |
| Income taxes | 15,800 |
| Net income | $48,050 |
McCORD CORPORATION
Balance Sheet
December 31, 2005
Assets Liabilities and Equity
| Cash | $ 9,000 | Accounts payable | $16,500 |
| Short-term investments | 7,400 | Accrued wages payable | 2,200 |
| Accounts receivable, net | 28,200 | Income taxes payable | 2,300 |
| Notes receivable (trade)* | 3,500 | ||
| Merchandise inventory | 31,150 | Long-term note payable, sec by mortgage on plant asset | 62,400 |
| Prepaid expenses | 1,650 | Common stock, $1 par value | 90,000 |
| Plant assets, net | 152,300 | 00 Retained earnings | 59,800 |
| Total assets | $233,200 | 00 Total liabilities and equity | $233,200 |
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