The comparative statements of Painter Tool Company are presented y Studybelow 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 $1,817,500 1,008,600 808,900 519,200 289,700 $1,753,100 978,000 775,100 480,800 294,300 Interest expense Income before income taxes Income tax expense Net income 18,900 270,800 80,600 $190,200 14,100 280,200 78,000 202,200