Comprehensive financial statement analysis Pippin Piping Co. manufactures decorative fabric trims. The company's financial statements follow.

Pippin Piping Co. Comparative Income Statements For the Years Ended December 31 2020 2019 2018 Sales revenue $576,600 $523,000 $484.200 Cost of goods sold 291.000 259.200 234.300 Gross margin 285.600 263.800 249.900 Operating expenses 106,200 104.600 104,100 Operating income 179,400 159,200 145,800 Other revenue 22.500 15.900 23.900 Interest expense 11.200 10.500 11.900 Income before income tax 190,700 164,600 157,800 Income tax expense (40%) 76.280 65.840 63.120 Net income $ 114.420 $ 98.760 $ 94.680Pippin Piping Co. Comparative Balance Sheets As of December 31 2019 Assets Cash $32,000 $ 25.800 $20.500 Accounts receivable (net) 126,860 137,000 94.300 Inventory 60.000 80.700 56.000 Prepaid expenses 11.000 10.000 1.600 Total current assets 329,860 243.500 175,400 Property & equipment (net) 668.900 540.300 Total Assets $898.760 $819.500 $715-700 Liabilities and Stockholders' Equity Accounts payable $53.130 $ 81,200 $79.100 Accrued Habilities 11.000 13,240 41.700 Total current liabilities 64.120 93-140 120 800 Long-term debt 170.000 160.000 150.000 Total liabilities 263.440 270 806 Stockholders' Equity Common stock, $0.50 par value 6.006 6.000 5.000 Additional paid-in capital 90.000 90.000 63.000 Retained earnings 559.640 461 060 377.900 Total stockholders' equity 664.640 566,060 144.900 Total Liabilities and Stockholders' Equity $898.760 $819.500 $715 700 Additional information 2020 2019 2018 Closing stock price 38 35 20 Shares outstanding 12:000 12.900 10.000 Dividends paid per share $ 1.32 $ 130 1.25