FINANCE- P 6-11 A partial balance sheet and income statement for King Corporation follow

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
KING CORPORATION
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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Required Compute the
following:

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