Gallagher, Inc. Statement of Income and Retained Earnings For the Year Ended December 31, 2014 (all amounts in thousands of dollars) $48,000 36,000 $12,000 6,000 6,000 280 S5,720 2,280 S 3,440 100 S 3,340 500 S 2,840 12,000 $14,840 Net sales Cost of goods sold Selling, general, and administrative expense Interest expense Income tax expense Preferred dividends Common dividends Retained eamings, 1/1 Gross profit Operating income Income before tax Net income Income available to common To retained earnings Retained earnings, 12/31 Gallagher, Inc. Comparative Balance Sheets December 31, 2014 and 2013 all amounts in thousands of dollars) December 31 2014 2013 S 840 12,500 8,000 100 $21,440 4,000 12,000 (3,700) S 2,700 9,000 5,500 400 $17,600 S 4,000 9,000 3,000) $10,000 $27,600 5,000 4,200 1,600 200 $11,000 1,600 $12,600 S 1,000 2,000 12,000 $15,000 $27,600 Cash Accounts receivable Inventory Prepaid insurance Total current assets Land Buildings and equipment Accumulated depreciation Total long-term assets $33,740 7,300 4,600 2,400 200 $14,500 1.400 $15,900 $ 1,000 2,000 14,840 $17,840 Total liabilities and stockholders' equity$33.740 Total assets Accounts payable Taxes payable Notes payable Current portion of bonds Total current liabilities Bonds payable Total liabilities Preferred stock, $5 par Common stock, $1 par Retained eamings Total stockholders' equity