Problem 13-4A The following financial information is for Frizell Company FRIZELL COMPANY Balance Sheets December 31 2014 Assets Cash Debt investments (short-term) Accounts receivable Inventory Prepaid expenses Land Building and equipment (net) Total assets Liabilities and Stockholders' Equit Notes payable Accounts payable Accrued liabilities Bonds payable, due 2017 Common stock, $10 par Retained earnings Total liabilities and stockholders' equity 2013 $ 69,70068,100 41,400 91,800 168,700 24,100 132,400 262,300184,800 $882,800 $711,300 52,100 105,100 235,600 25,600 132,400 $171,300 $101,800 53,100 39,600 170,100 206,300 149,200 140,400 882,800 $711,300 64,400 39,600 252,000 206,300 FRIZELL COMPANY Income Statements For the Years Ended December 31 2014 2013 Sales revenue Cost of goods sold Gross profit Operating expenses Net income $893,000 640,400 252,600 193,100 59,500 $783,500 575,400 208,100 159,700 48,400