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 $1,817,800 $1,753,700 972,000 Cost of goods sold 1,006,800 Gross profit 811,000 781,700 Selling and administrative expenses 511,800 476,400 Income from operations 305,300 299,200 Other expenses and losses 17,400 Interest expense 13,900 281,800 291,400 Income before income taxes 77,900 Income tax expense 81,800 213,500 200,000 Net income PAINTER TOOL COMPANY Balance Sheets December 31 2017 2016 Current assets Cash $60,700 $63,400 Short-term investments 68,000 50,900 Accounts receivable (net) 117,800 101,200 114,400 Inventory 122,000 329,900 Total current assets 368,500 Plant assets (net) 595,000 521,600 $963,500 Total assets $851,500