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PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 1,815,100$1,745,300 Net sales Cost of goods sold Gross profit Selling and administrative expenses517.400 Income from operations Other expenses and losses 1,011,300 803,800 995,000 750,300 479,000 271,300 286,400 Interest expense Income before income taxes Income tax expense Net income 18,800 267,600 81,000 S 186,600 13,500 257,800 77,100 S 180,700 PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash Short-term investments Accounts receivable (net) Inventory $60,100 $64,600 50,200 102,900 114,500 332,200 520,500 $971,800 $852,700 68,100 116,200 123,100 367,500 604,300 Total current assets Plant assets (net) Total assets Current liabilities 160,300 $144,100 42,900 187,000 196,500 383,500 Accounts payable Income taxes payable 43,600 203,900 196,500 400,400 Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings 282,200 289,200 571,400 304,000 165,200 469,200 Total stockholders' equity Total liabilities and stockholders' equity 971,800 $852,700