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Problem 14-1A a, b1 (Part Level Submission) Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are
Problem 14-1A a, b1 (Part Level Submission) Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December 31, 2019 Lord Company Duke Company 2020 2019 2020 2019 Net sales $1,860,000 $561,000 Cost of goods sold 1,030,440 297,330 Operating expenses 265,980 78,540 Interest expense 7,440 3,927 Income tax expense 53,940 6,171 $314,500 $78,000 Current assets 327,000 83,800 Plant assets (net) 138,300 500,300 522,000 123,900 Current liabilities 75,000 64,200 36,800 29,600 30,200 91,400 25,200 Long-term liabilities 108,800 Common stock, $10 120,500 503,000 503,000 120,500 par Retained earnings 145,400 34,600 173,000 26,600 Condensed Income Statement Duke Company Lord Company Dollars Dollars Percent Percent % % %
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