The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common...
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The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 61 on December 31, 2012. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 2012 and 20Y1 Retained earnings, January 1 Net income Dividends: On preferred stock On common stock Retained earnings, December 31 Sales 20Y2 20Y1 $2,450,050 $2,070,450 524,400 424,100 (9,100) (9,100) (35,400) $2,929,950 (35,400) $2,450,050 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 2012 and 20Y1 Cost of merchandise sold Gross profit Selling expenses Administrative expenses Total operating expenses 20Y2 20Y1 $3,331,720 $3,069,670 1,206,690 $2,125,030 1,110,150 $1,959,520 $726,910 $876,100 619,220 514,530 $1,346,130 $1,390,630 $778,900 $568,890 Income from operations Other revenue and expense: Other revenue 41,000 Other expense (interest) (224,000) 36,310 (123,200) Income before income tax expense $595,900 $482,000 Income tax expense 71,500 57,900 Net income $524,400 $424,100 The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 61 on December 31, 2012. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 2012 and 20Y1 Retained earnings, January 1 Net income Dividends: On preferred stock On common stock Retained earnings, December 31 Sales 20Y2 20Y1 $2,450,050 $2,070,450 524,400 424,100 (9,100) (9,100) (35,400) $2,929,950 (35,400) $2,450,050 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 2012 and 20Y1 Cost of merchandise sold Gross profit Selling expenses Administrative expenses Total operating expenses 20Y2 20Y1 $3,331,720 $3,069,670 1,206,690 $2,125,030 1,110,150 $1,959,520 $726,910 $876,100 619,220 514,530 $1,346,130 $1,390,630 $778,900 $568,890 Income from operations Other revenue and expense: Other revenue 41,000 Other expense (interest) (224,000) 36,310 (123,200) Income before income tax expense $595,900 $482,000 Income tax expense 71,500 57,900 Net income $524,400 $424,100
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