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  3. 15. using the following information from an annu

15. Using the following information from an annual report, prepare a Comparative (horizontal)...

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Question

Accounting

15.

Using the following information from an annual report, prepare a Comparative (horizontal) analysis of the consolidated statements of earnings. (Round percentage answers to one decimal place.) 3 pts

(In millions except per share data)

June 30, 2010

June 30, 2009

Net sales

$12,862

$11,170

Cost of sales

8,321

8,191

Gross margin

$ 4,541

$ 2,979

Operating expenses:

Selling expenses

General and Administrative expenses

$2,043

978

$2,000

955

Total operating expenses

$ 3,021

$ 2,955

Income (loss) from operations

$ 1,520

$ 24

Other Income and (expenses)

100

93

Earnings (loss) before income taxes

$ 1,620

$ 117

Income taxes

561

26

Net earnings (loss)

$ 1,059

$ 91

Basic earnings (loss) per share

$ 10.98

$ 2.28

16. A corporation issued $100,000 of 10% bonds for $103,000. What is the journal entry to record the issuance of the bonds.

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