For Years Ended December 31, 2014, 2013, and 2012 2014 2013 2012 Sales $488,000 $569,500 $563,900 Cost of goods sold. 184,400 192,900 208,200 Gross profit from sales. 303,600 376,600 355,700 Operating expenses 183,100 178,000 154,900 Income from operations. 120,500 198,600 200,800 Interest expense 7,650 8,000 9,400 Income before taxes 112,850 190,600 191,400 Income taxes 24,100 29,500 45,600 Net income $88,750 $161,100 $145,800 United Corporation Balance Sheet December 31, 2014, 2013, and 2012 Assets 2014 2013 2012 Cash $70,400 $69,100 $86,200 Short-term investments 18,000 20,000 19,000 Accounts receivable, net. 43,800 44,200 46,500 Merchandise inventory. 87,400 96,600 86,800 Prepaid expenses 9,500 9,300 9,500 Notes receivable, due in 2017. 8,000 8,500 10,000 Plant assets, net 206,000 226,000 215,000 Total assets $443,100 $473,700 $473,000 Liabilities and Equity Accounts payable $15,300 $14,400 $14,300 Salaries payable 14,900 18,300 17,600 Income taxes payable 16,700 18,850 21,350 Long-term note payable secured by mortgage on plant assets 44,000 42,000 39,000 Share capital, 50,000 shares. 340,000 310,000 290,000 Retained earnings. 12,200 70,150 90,750 Total liabilities and equity. $443,100 $473,700 $473,000 Ratio 2014 2013 Analysis (select one) Acid-test ratio