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 $1,810,600 1,013,100 797,500 519,000 278,500 $1,749,200 999,000 750,200 473,600 276,600 r expenses and losses Interest expense Income before income taxes Income tax expense Net income 17,700 260,800 81,700 179,100 13,600 263,000 77,700 185,300 PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash Short-term investments Accounts receivable (net) Inventory $59,800 68,800 117,600 123,300 369,500 596,100 $965,600 64,400 50,200 102,300 114,400 331,300 516,800 $848,100 Total current assets Plant assets (net) Total assets Current liabilities Accounts payable Income taxes payable $160,900 43,100 204,000 201,000 405,000 $145,400 42,500 187,900 201,000 388,900 Total current liabilities Bonds payable Total liabilities Stockholders' equity 276,500 284,100 560,600 $965,600 297,400 161,800 459,200 $848,100 Common stock ($5 par) Retained earnings Total stockholders equity Total liabilities and stockholders' equity All sales were on account