Selected comparative financial statements of Deuce Company follow.
DEUCE COMPANY Comparative Income Statements For Years Ended December 31, 2012-2006 | |||||||
($ thousands) | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
Sales | $660 | $710 | $730 | $780 | $840 | $870 | $960 |
Cost of goods sold | 376 | 390 | 394 | 414 | 440 | 450 | 480 |
Gross profit | 284 | 320 | 336 | 366 | 400 | 420 | 480 |
Operating expenses | 184 | 204 | 212 | 226 | 240 | 244 | 250 |
Net income | $100 | $116 | $124 | $140 | $160 | $176 | $230 |
DEUCE COMPANY Comparative Balance Sheets December 31, 2012-2006 | |||||||
($ thousands) | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
Assets |
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Cash… | $ 34 | $ 36 | $ 42 | $ 44 | $ 50 | $ 52 | $ 58 |
Accounts receivable, net… | 120 | 126 | 130 | 134 | 140 | 144 | 150 |
Merchandise inventory… | 156 | 162 | 168 | 170 | 176 | 180 | 198 |
Other current assets… | 24 | 24 | 26 | 28 | 28 | 30 | 30 |
Long-term investments… | 26 | 20 | 16 | 100 | 100 | 100 | 100 |
Plant assets, net… | 410 | 414 | 420 | 312 | 320 | 328 | 354 |
Total assets… | $770 | $782 | $802 | $788 | $814 | $834 | $890 |
Liabilities and Equity |
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Current liabilities… | $138 | $146 | $176 | $180 | $200 | $250 | $270 |
Long-term liabilities… | 82 | 110 | 132 | 138 | 184 | 204 | 250 |
Common stock… | 150 | 150 | 150 | 150 | 150 | 150 | 150 |
Other paid-in capital… | 60 | 60 | 60 | 60 | 60 | 60 | 60 |
Retained earnings… | 340 | 316 | 284 | 260 | 220 | 170 | 160 |
Total liabilities and equity… | $770 | $782 | $802 | $788 | $814 | $834 | $890 |
Required
1. Compute trend percents for all components of both statements using 2006 as the base year. (Round percents to one decimal.)
Analysis Component
2. Analyze and comment on the financial statements and trend percents from part 1.
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