Selected data from Franklin Company follow: Balance Sheets As of December 31 2018 2017 Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market $404,000 $379,000 (20,200)(15,160) $383,800 $363,840 $476,000 $435,000 Income Statement For the Years Ended December 31 2018 2017 Net credit sales Net cash sales Net sales $2,007,000 $1,752,000 415,000 309,00 Cost of goods sold Selling, general, and administrative expenses Other expenses 2,422,000 1,606,000 2,061,000 1,432,000 214,600 239,900 40,80022,500 Total operating expenses $1,886,700 $1,669,100