PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,810,000 1,005,000 805,000 511,000 294,000 $1,745,000 970,000 775,000 472,000 303,000 Interest expense Income before income taxes Income tax expense Net income 17,000 277,000 80,000 $ 197,000 13,000 290,000 76,000 $ 214,000 PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash Short-term investments Accounts receivable (net) Inventory $59,000 68,000 116,000 122,000 365,000 595,000 $960,000 $63,000 49,000 101,000 114,000 327,000 515,000 $842,000 Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable $159,000 42,000 201,000 195,000 396,000 $144,000 41,000 185,000 195,000 380,000 Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings 275,000 289,000 564,000 $960,000 295,000 167,000 462,000 $842,000 Total stockholders' equity Total liabilities and stockholders' equity