WHIL HII Horizontal Analysis of Comparative Financial Statements A comparative income statement and balance sheet of Miller Electronics Corporation for the last two years are shown. Miller Electronics Corporation Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 20-1 $654,610 $416,410 391,170 260,630 $155,780 Net Sales (all on account) Cost of goods sold Gross profit Administrative expenses Selling expenses Total operating expenses Operating income Interest expense Income before income taxes $263,440 $63,583 66,712 $41,612 44,417 $130,295 $133,145 $86,029 $69,751 1,202 1,283 $131,862 $68,549 30,025 13,472 Income tax expense $55,077 $101,837 Net income Miller Electronics Corporation Comparative Balance Sheet December 31. 20-2 and 20-1 Check My Work UDUUR Show Me How Calculator Print Item Miller Electronics Corporation Comparative Balance Sheet December 31, 20-2 and 20-1 20-2 20-1 Assets Current assets: Cash $43,009 $22,246 47,220 73,581 91,276 49,671 3,913 1,198 $211,779 $120,335 Receivables (net) Merchandise inventory Supplies and prepayments Total current assets Property, plant, and equipment: Office equipment (net) Factory equipment (net) Total property, plant, and equipment Total assets 105,293 71,360 33,933 $117,129 $79,500 Total prop, plant, and equip. 37,629 > Total assets $328,908 $199,835 $ 129,073 Liabilities Current liabilities: Notes payable Accounts payable $9,830 $1,030 3,800 43,711 30,459 13,252 6,133 Accrued and withheld payroll taxes 870 5,263 Total current liabilities $59,674 $41,752 17,922 Common stock ($10 par) Stockholders' Equity $100,000 $84,000 169,234 74,083 16,000 Retained earnings 95,151 Ne Current liabilities: Notes payable $9,830 $6,030 3.800 Accounts payable 43,711 30,459 13,252 6,133 5,263 870 Accrued and withheld payroll taxes Total current liabilities $59,674 $41,752 17,922 16,000 95,151 Stockholders' Equity Common stock ($10 par) $100,000 $84,000 Retained earnings 169,234 74,083 Total stockholders' equity $269,234 $158,083 Total liab. and stockholders' equity $328,908 $199,835 1111 111,151 129,073 Feedback Check My Work Partially correct Feedback Check My Work Partially correct Check My Work Save and Exit Submit Assignme