ACCT 444 Group Project Part 1
Group B
8-40

Part A Pinnacle Manufacturing Company | | | | | | Income Statement | | | | | | For the Year ended December 31 | | | | | | | 2011 | | 2010 | | 2009 | | | % Change 2010-2011 | | % Change 2009-2010 | | Net sales | $150,737,628 | 1.43% | $148,586,037 | 2.62% | $144,686,413 | Cost of goods sold | 109,284,780 | 2.77% | 106,255,499 | 4.02% | 101,988,165 | Gross profit | 41,452,848 | -2.12% | 42,330,538 | -0.87% | 42,698,248 | Operating expenses | 37,177,738 | -2.57% | 38,133,969 | 2.34% | 37,241,108 | Income from operations | 4,275,110 | 1.84% | 4,196,569 | -30.04% | 5,457,140 | Other revenues and gains | — | | — | | — | Other expenses and losses | 2,181,948 | -5.37% | 2,299,217 | -4.29% | 2,397,953 | Income before income tax | 2,093,162 | 9.35% | 1,897,352 | -61.23% | 3,059,187 | Income tax | 883,437 | 2.77% | 858,941 | -56.18% | 1,341,536 | Net income for the year | 1,209,725 | 14.16% | 1,038,411 | -65.41% | 1,717,651 | Earnings per share | $1.21 | 14.16% | $1.04 | -65.41% | $1.72 | | | | | | | | | | | | | Pinnacle Manufacturing Company | | | | | | Balance Sheet | | | | | | As of December 31 | | | | | | | | | | | | Assets | 2011 | | 2010 | | 2009 | Current assets | | % Change 2010-2011 | | % Change 2009-2010 | | Cash and cash equivalents | $7,721,279 | 5.13% | $7,324,846 | -10.13% | $8,066,545 | Net receivables | 13,042,165 | 33.91% | 8,619,857 | 7.93% | 7,936,409 | Inventory | 32,236,021 | 20.78% | 25,537,198 | 1.04% | 25,271,503 | Other current assets | 172,278 | 16.88% | 143,206 | 8.01% | 131,742 | Total current assets | 53,171,743 | 21.72% | 41,625,107 | 0.53% | 41,406,199 | Property, plant