aance P14-2 The comparatihe statements of Painter Touol Company are presented below. nent. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2016 2017 $1,818,500 $1,750,500 Net sales Cost of goods sold Gross Selling and administrative expenses Income from operations Other expenses and losses 1,011,500 807,000 499,000 308,000 996,000 754,500 479,000 275,500 profit Interest expense Income before income taxes Income tax expense Net income 18,000 290,000 87,000 S 203,000 14,000 261,500 77,000 S 184,500 PAINTER TOOL COMPANY Balance Sheets December 31 2016 Assets Current assets 2017 60,100 64,200 69,000 107,800 133,000115,500 369,900 600,300 Cash Short-term investments Accounts receivable (ne) 50,000 102,800 Inventory Total current assets Plant assets (net) Total assets 332,500 520,300 $852,800 $970,200 Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable $160,000 43,500 203,500 200,000 403,500 $145,400 42,000 187,400 200,000 387,400 Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 280,000 286,700 566,700 $970,200 300,000 165,400 465,400 $852,800 All sales were on account