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Given Data P12-04A:
GALLEY CORPORATION
Comparative Balance Sheet
December 13, 2011 and 2010
December 31
2011
2010
Assets
Cash
$174,000
$117,000
Accounts receivable
93,000
81,000
Merchandise inventory
609,000
534,000
Equipment
333,000
297,000
Accumulated depreciation, Equipment
(156,000)
(102,000)
Total assets
$1,053,000
$927,000
Liabilities and Equity
Accounts payable
$69,000
$96,000
Income taxes payable
27,000
24,000
Common stock, $2 par value
582,000
558,000
Contributed capital in excess of
par value, common stock
198,000
162,000
Retained earnings
177,000
87,000
Total liabilities and equity
$1,053,000
$927,000
GALLEY CORPORATION
Income Statement
For Year Ended December 31,
2011
Sales
$1,992,000
Cost of goods sold
1,194,000
Gross profit
798,000
Operating expenses:
Depreciation expense
$54,000
Other expenses
501,000
555,000
Income before taxes
243,000
Income taxes
42,000
Net income
$201,000
Additional information:
Equipment purchased for cash
$36,000
Number of stock shares issued
12,000
Price per share of stock issued
$5
Cash dividends declared and paid
$111,000
Check figure:
(1) Cash from operating activities
$144,000

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