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 $1,810,600 1,010,100 800,500 520,200 280,300 $1,752,800 994,000 758,800 475,800 283,000 Interest expense Income before income taxes Income tax expense Net income 17,400 262,900 80,500 $ 182,400 13,400 269,600 77,100 $192,500 PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash Short-term investments Accounts receivable (net) Inventory $59,800 68,900 117,600 122,500 368,800 598,300 $967,100 $63,800 50,000 101,300 115,400 330,500 521,100 $851,600 Total current assets Plant assets (net) Total assets Liabilities and Stockholde Current liabilities UI $159,000 43,100 202,100 195,600 397,700 $146,000 41,000 187,000 195,600 382,600 Accounts payable Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings 275,000 294,400 569,400 $967,100 298,300 170,700 469,000 $851,600 Total stockholders' equity Total liabilities and stockholders' equity