Comparative financial statement data for Donovan Company and
Maltese Company, two competitors in the same industry, appear
below. All balance sheet data are as of December 31, 2012, and
December 31, 2011.
Donovan Company
Maltese Company
2012
2011
2012
2011
Net sales
$1,549,035
$339,038
Cost of goods sold
1,080,490
241,000
Operating expenses
302,275
79,000
Interest expense
8,980
2,252
Income tax expense
54,500
6,650
Current Assets
325,975
312,410
83,336
79,467
Common Stock, $10 par
500,000
500,000
120,000
120,000
Retained earnings
173,460...