C0 6 ezto.mhedutatior A comparative balance sheet and income statement for Eaton Company follow Eaton Company Comparative Balance Sheet December 31, 2011 and 2010 2011 2010 Assets Cash Accounts receivable Inventory Prepaid expenses $ 50 17 308 230 158 195 Total current assets 524 447 Property, plant, and equipment 535 455 85 72 450 383 25 31 $999 $861 Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders' equity Accounts payable Accrued liabilities Income taxes payable S301 $225 73 78 75 65 Total current liabilities Bonds payable 449 195 368 171 Total liabilities 644 539 Common stock Retained earnings 208 225 147 97 Total stockholders' equity 355 322 Total liabilities and stockholders' equity $999 $861 Eaton Company Income Statement For the Year Ended December 31, 2011 Sales Cost of goods sold $754 448 Gross margin Selling and administrative expenses 306 220 Net operating income Nonoperating items: Gain on sale of investments S 7 Loss on sale of equipment (2) 5 Income before taxes Income taxes Net income s 67