PAINTER TOOL COMPANY

Income Statement
For the years ended December 31

2015
Net sales $ 1,818,500
Cost of goods sold $ 1,011,500
Gross profit $ 807,000
Selling and administrative expenses $ 499,000
income from operations $ 308,000
Other expenses and losses
Interest expense $ 18,000
Income before income taxes $ 290,000
income tax expense $ 87,000
Net income $ 203,000
 2014
$ 1,750,500
$ 996,000
$ 754,500
$ 479,000
$ 275,500

$ 14,000
$ 216,500
$ 77,000
$ 184,500
 PAINTER TOOL COMPANY
Balance Sheets
For the years ended December 31

ASSETS 2015
Current assets
Cash $ 60,100
short-term investments $ 69,000
Account receivable (net) $ 107,800
Inventory $ 133,000
Total Current assets $ 369,900
Plant assets (net) $ 600,300
Total assets $ 970,200
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Account payable $ 160,000
Income taxes payable $ 43,500
Total current liabilities $ 203,500
Bond Payable $ 200,000
Total liabilities $ 403,500
Stockholders' equity
Common stock ($5 par) $ 280,000
Retained earnings $ 286,700
Total stockholders' equity $ 566,700
Total liabilities and stockholders' equity $ 970,200
 2014

$ 64,200
$ 50,000
$ 102,800
$ 115,500
$ 332,500
$ 520,300
$ 852,800

$ 145,400
$ 42,000
$ 187,400
$ 200,000
$ 387,400

$ 300,000
$ 165,400
$ 465,400
$ 852,800