Given the financial statements for Jones Corporation and Smith Corporation: JONES CORPORATION Current Assets Liabilities Cash 129,600 Accounts payable Accounts receivable 81,100 Bonds payable (long term) Inventory 55,400 Stockholders' Equity Long-Term Assets Common stock 564,000 Gross fixed assets 154,300 Less: Accumulated depreciation Paid-in capital 409,700 Retained earnings Net fixed assets 675,800 Total assets Total liabilities and equity 1,313,000 Sales (on credit) Cost of goods sold 736,000 Gross profit 577,000 329,000 Selling and administrative expense 55,200 Depreciation expense Operating profit 192,800 9,900 Interest expense Earnings before taxes 182,900 95,100 Tax expense 87,800 Net income *Use net fixed assets in computing fixed asset turnover. tlncludes $11,200 in lease payments. 120,000 82,100 150,000 70,000 253.700 675,800