Problem 14-2A The comparative statements of Painter Tool Company are presented below PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 201 201 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,813,300 1,010,100 803,200 512,200 291,000 $1,745,300 994,000 751,300 481,600 269,700 Interest expense Income before income taxes Income tax expense Net income 18,700 272,300 81,900 S 190,400 14,000 255,700 77,800 S 177,900