T. P. Jarmon Company, Balance Sheet for 12/31/2014 and 12/31/2015 Cash Marketable securities Accounts receivable Inventory Prepaid rent Total current assets Net plant and equipment Total assets Accounts payable Notes payable Accrued expenses Total current liabilities Long-term debt Common stockholders' equity Total liabilities and equity 2014 $ 15,000 2015 $ 14,000 6,000 6,200 42,000 33,000 51,000 84,000 1,200 1,100 $115,200 $138,300 286,000 270,000 $401,200 $ 48,000 15,000 6,000 $ 69,000 160,000 172,200 $401,200 $408,300 $ 57,000 13,000 5,000 $ 75,000 150,000 183,300 $408,300 T. P. Jarmon Company, Income Statement for the Year Ended 12/31/2015 Sales (all credit) $600,000 Cost of goods sold 460,000 Gross profit $140,000 Operating and interest (expenses) General and administrative expense ($30,000) Interest expense (10,000) Depreciation expense (30,000) Total Earnings before taxes Taxes Net income available to common stockholders Cash dividends Change in retained earnings 70,000 $ 70,000 27,100 $ 42,900 31,800 $ 11,100