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Problem 18-2 The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2015 2014 Net sales $1,816,830 $1,752,600 Cost of goods sold 1,014,990 977,710 Gross profit 801,840 774,890 ng and administrative expense 481,500 Se 515,300 Income from operations 286,540 293,390 Other expenses and losses 18,690 Interest expense 14,540 278,850 Income before income taxes 267,850 Income tax expense 80,550 76,200 202,650 187,300 Net income PAINTER TOOL COMPANY Balance Sheets December 31 2015 Assets 2014 Current assets Cash $60,830 $63,970 Short-term investments 50,730 68,490 101,900 116,270 Accounts receivable (net) 122,550 115,050 Inventory Total current assets 368,140 331,650 Plant assets (net) 598,100 524,980