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Comprehensive Problem 2 - St of Cash Flows and Ratios Algo R. Allen Inc. Income Statement For years ended December 31, 2017 and 2018 R. Allen Inc. Comparative Balance Sheets December 31, 2018 and 2017 polnts 2018 2017 Change 2018 2017 Current assets I 025021) Sales (all on credit) $31,700 $18,570 32,000 6,000 42.000 2,000 2.700 -1,500 2.600 -900 111,000 24,170 $528,000 $475,000 Cash $50,270 Accounts receivable (net) 38,000 44,000 1,200 1700 Cost of goods sold Gross margin (321.000) (263.000 207,000 212,000 Inventory Prepaid expenses 37,000 51,000 Other current assets 114.000 95.000 Total current assets 151,000 146,000 56,000 66,0 Long-term Investments Depreciation expense Other operating expenses eBook 135,170 Total operating References expenses Operating income 81,000 307000 (77,800) 229,200 445.370 56,000 25,000 Other income expenses) Interest expense Gain on sale of investments Loss on sale of plant assets Total other income (expenses) Plant assets Less: accumulated depreciation (4,700) (3,500) 5,500 3,900 Total plant assets (2.700) 3.200) Total assets 257000 50,000 (51,000) 26,800 206,000 23.200 373.000 72.370 (12,900) (2,800) Current liabilities Income before income taxes Income taxes expense Net income 54,100 63,200 Accnts payable (16.230 18,960) Accrued liabilities $37870 $44,240 Income taxes payable $25,500 3,600 1400 30,500 $26,000 $-500 3,000 600 5.000 -3,600 34,000 3,500 Total current liabilities R. Allen Inc. Statement of Retained Earnings For the year ended December 31, 2018 Long term liabilities: Notes Payable Total liabilities 236,000 266,500 175,000 61,000 209,000 57,500 2018 2017