Given the financial statements for Jones Corporation and Smith Corporation JONES CORPORATION Current Assets Liabilities Cash Accounts receivable Inventory $122,900 Accounts payable $ 137,000 85,100 86,500 59,800 Bonds payable (long term) Long-Term Assets Stockholders' Equity Gross fixed assets $ 549,00 $ 150,000 70,000 100 $ 667,200 Less: Accumulated depreciation Net fixed assets* Common stock Paid-in capital 151,000 398,000 Retained earnings s 667.200 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 S 1,727,000 806,000 S 921,000 305,000 56,100 559,900 15,100 544,800 94,100 S 450,700 "Use net fixed assets in computing fixed asset turnover. tIncludes $16,300 in lease payments SMITH CORPORATION Current Assets Liabilities s 36 900 Accounts payable s 80,500 240,000 Cash Marketable securities Accounts receivable Inventory 1300 Bonds payable (long term) 74,400 75,500 Long-Term Assets Stockholders' Equity $ 526,000 Common stock Paid-in capital S 75,000 30,000 41,300 S 466,800 Gross fixed assets Less Accumulated depreciation Net fixed assets" 257 2810 268.700 Retained earnings Total assets $ 466,800 Total liabilities and equity Use net fixed assets in computing fixed asset turnover