aiculator orizontal Analysis of Comparative Financial Statements mounts from the

Question

aiculator orizontal Analysis of Comparative Financial Statements mounts from the comparative income statement and balance sheet of Miller Electronics Corporation for the last two years are as follows: Miller Electronics Corporation Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 20-1 $662,990 397,990 $265,000 $65,071 65,759 $130,830 $134,170 1,249 $132,921 30,032 $102,889 $425,990 259,670 $166,320 $42,799 44,071 $86,870 $79,450 1,159 $78,291 13,561 $64,730 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 Income tax expense Net income Miller Electronics Corporation Comparative Balance Sheet r31, 20-2 and 20-1 PreviousNext

Explanation / Answer

Miller Electronics Corporation Comparative Income Statement For the year Ended December 31 2002 and 2001 2002 2001 Increase / Decrease in Amount Increase / Decrease Percent Net Sales (all on account) 662990 425990 237000 55.64 Cost of Goods Sold 397990 259670 138320 53.27 Gross Profit 265000 166320 98680 59.33 Administrative Expenses 65071 42799 22272 52.04 Selling Expenses 65759 44071 21688 49.21 Total Operating Expenses 130830 86870 43960 50.60 Operating Income 134170 79450 54720 68.87 Interest Expenses 1249 1159 90 7.77 Income before income taxes 132921 78291 54630 69.78 Income tax Expense 30032 13561 16471 121.46 Net Income 102889 64730 38159 58.95 Miller Electronics Corporation Comparative Balance Sheet December 31 2002 and 2001 2002 2001 Increase / Decrease in Amount Increase / Decrease Percent Assets Current assets: Cash 41711 21627 20084 92.87 Receivables (Net) 73864 47330 26534 56.06 Merchandise Inventory 90268 49814 40454 81.21 Supplies and prepayments 3777 1123 2654 236.33 Total Current Assets 209620 119894 89726 74.84 Property, Plant and Equipment: Office Equipment (Net) 11849 8200 3649 44.50 Factory Equipment (Net) 105561 71140 34421 48.38 Total Propery, Plant and Equipment 117410 79340 38070 47.98 Total Assets 327030 199234 127796 64.14 Liabilities Current Liabilities: Notes Payable 9700 5800 3900 67.24 Accounts payable 43208 30115 13093 43.48 Accrues and withhold payroll taxes 6063 5243 820 15.64 Total Current Liabilities 58971 41158 17813 43.28 Stockholders' Equity: Common Stock ($10 par) 100000 84000 16000 19.05 Retained Earnings 168059 74076 93983 126.87 Total Stockholders' Equity 268059 158076 109983 69.58 Total liability and Stockholders' Equity 327030 199234 127796 64.14

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