signment ES 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 $1,813,600$1,750,700 1,007,100 806,500 519,800 286,700 978,000 772,700 472,000 300,700 rt Interest expense Income before income taxes Income tax expense Net income 17,100 269,600 14,200 286,500 81.70077.500 $209,000 $ 187,900 PAINTER TOOL COMPANY Balance Sheets December 31 Assets Current assets 2017 2016 Cash Short-term investments $60,600 69,100 $64,600 50,300 All Righte Reserved. A Division of me anything