The comparative statements of Beulah Company are presented below. BEULAH COMPANY Income Statement For the Years Ended December 31 2014 2013 Net sales (all on account) $500,000 $420,000 Expenses Cost of goods sold 315,000 254,000 Selling and administrative 120,800 114,800 Interest expense 7,500 6,500 Income tax expense 20,000 15,000 Total expenses 463,300 390,300 Net income $ 36,700 $ 29,700 BEULAH COMPANY Balance Sheets December 31 Assets 2014 2013 Current assets Cash $ 21,000 $ 18,000 Short-term investments 18,000 15,000 Accounts receivable (net) 85,000 75,000 Inventory 80,000 60,000 Total current assets 204,000 168,000 Plant assets (net) 423,000 383,000 Total assets $627,000 $551,000 Liabilities and Stockholders