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Rylander Corporation’s condensed comparative income statements and balance sheets for 2014 and 2013 follow. Rylander Corporation Comparative Income Statements For the years

Rylander Corporation’s condensed comparative income statements and balance sheets for 2014 and 2013 follow.

 

Rylander Corporation Comparative Income Statements

For the years ended December 31, 2014 and 2013

 

 

 

2014

 

2013

Net sales

$6,553,600

 

$6,292,800

Cost of goods sold

4,177,600

 

4,016,800

Gross margin

$2,376,000

 

$2,276,000

Operating expenses:

 

 

 

Selling expenses

$ 953,600

 

$1,036,000

Administrative expenses

894,400

 

846,400

Total operating expenses

$1,848,000

 

$1,882,400

Income from operations

$ 528,000

 

$ 393,600

Interest expense

131,200

 

78,400

Income before income taxes

$ 396,800

 

$ 315,200

Income taxes expense

124,800

 

113,600

Net income

$ 272,000

 

$ 201,600

Earnings per share

$ 3.40

 

$ 2.52

 

 

 

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Chapter Assignments 701

Rylander Corporation Comparative Balance Sheets December 31, 2014 and 2013

 

Cash

 

Assets

2014

 

$ 162,400

 

2013

 

$ 81,600

Accounts receivable (net)

 

471,200

 

458,400

Inventory

 

1,149,600

 

1,189,600

Property, plant, and equipment (net)

 

1,500,000

 

1,440,000

Total assets

 

$3,283,200

 

$3,169,600

Liabilities and Stockholders’ equity

Accounts payable

$ 535,200

 

$ 954,400

Notes payable (short-term)

400,000

 

800,000

Bonds payable

800,000

 

Common stock, $10 par value

800,000

 

800,000

Retained earnings

748,000

 

615,200

Total liabilities and stockholders’ equity

$3,283,200

 

$3,169,600

 

ReQUIReD

1. Prepare schedules showing the amount and percentage changes from 2013 to 2014 for the comparative income statements and the balance sheets. (Round to one deci- mal place.)

2. Prepare common-size income statements and balance sheets for 2013 and 2014. (Round to one decimal place.)

3. aCCoUntinG ConneCtion ? Comment on the results in requirements and by identifying favorable and unfavorable changes in the components and composition of the statements.

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