Given the financial statements for Jones Corporation and Smith Corporation JONES CORPORATION Current Assets Liabilities Cash Accounts receivable Inventory $ 29,300 Accounts payable $ 186,000 87,600 89,000 53,100 Bonds payable (long term) Long-Term Assets Stockholders' Equity 560,000 151,300 150,000 70,000 86,500 580,100 Gross fixed assets Common stock Paid-in capital Less: Accumulated depreciation Net fixed assets 408,700 Retained earnings Total assets 580,100 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 $ 1,286,000 738,000 $ 548,000 331,000 52,700 164,300 14,000 $150,300 99,000 $51,300 Use net fixed assets in computing fixed asset turnover tIncludes $16,900 in lease payments SMITH CORPORATION Current Assets Liabilities Cash Marketable securities Accounts receivable Inventory $44,900 Accounts payable $ 79,900 261,000 15,300 72,200 78,300 Bonds payable (long term) Long-Term Assets Stockholders' Equity $ 75,000 30,000 79,400 525,300 Gross fixed assets 565,000 250,400 Common stock Paid-in capital Less: Accumulated depreciation Net fixed assets 314,600 Retained earnings $525,300 Total assets Total liabilities and equity