Current Ratlo Smith and Sons, Inc. Income Statement (in millions) Net sales Cost of goods sold Gross profit 2016 2015 $9,950 $9,450 (5,500) (5,200) 4,450 4,250 Selling and administrative expenses (2.800) (2700) 1,650 1,550 (300) (250) 1,350 1,300 (420) (400) 930 900 Income from operations Interest expense Income before income taxes Income tax expense Net income Smith and Sons, Inc. Balance Sheet 2016 2015 in millions) Assets Current assets Cash and cash equivalents Accounts receivable Inventory Other current assets Total current assets 150 350 900 800 450 600 400 250 1,900 2,000 10