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Need help with the red boxes The comparative statements of Painter Tool Company are...

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Accounting

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The comparative statements of Painter Tool Company are presented below. PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 $1,817,800 Net sales $1,753,700 Cost of goods sold 1,006,800 972,000 781,700 Gross profit 811,000 476,400 Selling and administrative expenses 511,800 Income from operations 299,200 305,300 Other expenses and losses 13,900 Interest expense 17,400 Income before income taxes 291,400 281,800 Income tax expense 81,800 77,900 200,000 213,500 Net income PAINTER TOOL COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets $60,700 Cash $63,400 Short-term investments 68,000 50,900 Accounts receivable (net) 117,800 101,200 122,000 14,400 Inventory Total current assets 329,900 368,500 Plant assets (net) 521,600 595,000 Total assets $963,500 $851,500 Liabilities and Stockholders' Eguit Current liabilities Accounts payable $160,100 $144,700 Income taxes payable 43,300 41,400 Total current liabilities 203,400 186,100

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