Pippin Piping Co.Comparative Income StatementsFor the Years Ended December 31201620152014Sales revenue$576,600$523,000$484,200Cost of goods sold291,000259,200234,300Gross margin285,600263,800249,900Operating expenses106,200104,600104,100Operating income179,400159,200145,800Other revenue22,50015,90023,900Interest expense11,20010,50011,900Income before income tax190,700164,600157,800Income tax expense (40%)76,28065,84063,120Net income$114,420$98,760$94,680Pippin Piping Co.Comparative Balance SheetsAs of December 31Assets201620152014Cash$32,000$25,800$20,500Accounts receivable (net)126,860127,00094,300Inventory60,00080,70056,000Prepaid expenses11,00010,0004,600Total current assets229,860243,500175,400Property & equipment (net)668,900576,000540,300Total Assets$898,760$819,500$715,700Liabilities and Stockholders' EquityAccounts payable$53,120$81,200$79,100Accrued expenses11,00012,24041,700Total current liabilities64,12093,440120,800Long-term debt170,000160,000150,000Total liabilities234,120253,440270,800Stockholders' EquityCommon stock, $0.50 par value6,0006,0005,000Additional paid-in capital99,00099,00062,000Retained earnings559,640461,060377,900Total stockholders' equity664,640566,060444,900Total Liabilities and Stockholders' Equity$898,760$819,500$715,700Additional information201620152014Closing stock price$38$35$30Shares outstanding12,00012,00010,000Dividends paid per share$1.32$1.30$1.25(a)Your answer is partially correct. Try again.

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