PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 Net sales $1,813,300 Cost of goods sold 1,010,100 Gross profit 803,200 Selling and administrative expenses 512,200 Income from operations 291,000 Other expenses and losses Interest expense 18,700 Income before income taxes 272,300 Income tax expense 81,900 Net income 190,400 PAINTER TOOL COMPANY Balance Sheets December 31 2017 Current assets $59,500 Short-term investments 70,800 Accounts receivable (net) 117,900 inventory 123,000 Total current assets 371,200 Plant assets (net) 600, 200 2016 $1,745,300 994,000 751,300 481,600 269,700 14,000 255,700 77,800 177,900 2016 $64,500 50,500 101,500 15,600 332,100 516,300