Problem 14-2A The comparative statements of Painter Tool Company are presented below 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 $1,816,600 1,010,700 805,900 518,600 287,300 $1,750,100 982,000 768,100 475,600 292,500 Interest expense Income before income taxes Income tax expense Net income 19,000 268,300 81,300 S 187,000 13,900 278,600 76,900 S 201,700 PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash S60,100 S63,500 Short-term investments 68,100 49,900