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 314,000 121,000 8,900 20,300 464,200 $35,800 254,000 114,000 6,400 13,600 388,000 $ 32,000 Cost of goods sold Selling and administrative Interest expense Income tax expense Total expenses Net income BEULAH COMPANY Balance Sheets December 31 2014 2013 Assets Current assets Cash Short-term investments Accounts receivable (net) Inventory $ 21,300 $17,500 17,400 85,000 80,400 14,500 74,000 60,400 Total current assets 204,100 166,400 422,000 384,000 $626,100 $550,400 Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable $122,000 $110,000 11,600 135,000 121,600 13,000 Total current liabilities Long-term liabilities 120,000 79,900 255,000 201,500 Bonds payable Total liabilities Stockholders' equity Common stock ($5 par) Retained earnings Total stockholders' equity 149,000 149,000 222,100 199,900 371,100348,900 $626,100 $550,400 Total liabilities and stockholders' equity $626,100 $550