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P 6-11 A partial balance sheet and income statement for King Corporation follow:
KING CORPORATION
Partial Balance Sheet
December 31, 2011
Assets
Current assets:
Cash
$ 33,493
Marketable securities
215,147
Trade receivables, less allowance of $6,000
255,000
Inventories, LIFO
523,000
Prepaid expenses
26,180
Total current assets
$1,052,820
Liabilities
Current liabilities:
Trade accounts payable
$ 103,689
Notes payable (primarily to banks) and commercial paper
210,381
Accrued expenses and other liabilities
120,602
Income taxes payable
3,120
Current maturities of long-term debt
22,050
Total current liabilities
$ 459,842
Partial Income Statement
For Year Ended December 31, 2011
Net sales
$3,050,600
Miscellaneous income
45,060
$3,095,660
Costs and expenses:
Cost of sales
$2,185,100
Selling, general, and administrative expenses
350,265
Interest expense
45,600
Income taxes
300,000
2,880,965
Net income
$ 214,695
Note: The trade receivables at December 31, 2010, were $280,000, net of an allowance of $8,000, for a gross receivables figure of $288,000. The inventory at December 31, 2010, was $565,000.
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