Questions 1-2 (of 7) The following information applies to the questions displayed below. The comparative financial statements prepared at December 31, 2015, for Prince Company showed the following summarized data: 2015 2014 Income statement Sales revenue Cost of goods sold $190,400* 167100 100,300 112,700 Gross profit Operating expenses and interest expense 77,700 57,800 66,800 54,800 Pretax income Income tax 19,900 7,900 12,000 3,950 Net income $12000 8,050 Balance sheet: Cash Accounts receivable (net) Inventory Operational assets (net) $4,100 5,400 17,200 32,800 37,200 15,300 40,900 46,500 $106,800 92,600 $ 14,000 15,000 Current liabilities (no interest) Long-term liabilities (10% interest) Common stock (par $5) Retained earnings 43700 43,700 28,400 20,700 43,700 28,400 5,500 $106,800 $92,600 "One-thirdd was credit sales