Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash Accounts receivable Inventory $81,900 Accounts payable $ 136,000 89,500 188,000 51,200 Bonds payable (long term) Long-Term Assets Stockholders' Equity 555,000 151,000 Gross fixed assets Common stock Paid-in capital Retained earnings 150,000 70,000 279,600 $725,100 Less: Accumulated depreciation Net fixed assets 404,000 $ 725,100 Total assets Total liabilities and equity Sales (on credit) Cost of goods sold Gross profit Selling and administrative expense Depreciation expense Operating profit Interest expense Earnings before taxes Tax expense Net income $1,255,000 816,000 $439.000 266,000 55,500 117,500 10,000 $107,500 96,200 $11.300 Use net fixed assets in computing fixed asset turnover fIncludes $11,700 in lease payments SMITH CORPORATION Current Assets Liabilities Cash Marketable securities Accounts receivable Inventory $39,400 Accounts payable $ 84,000 233,000 10,900 72,300 76,900 Bonds payable (long term) Long-Term Assets Stockholders' Equity $ 75,000 30,000 78,800 500,800 Gross fixed assets 561,000 259,700 Common stock Paid-in capital Less: Accumulated depreciation Net fixed assets 301,300 Retained earnings $500,800 Total assets Total liabilities and equity Use net fixed assets in computing fixed asset turnover