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PAINTER TOOL COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales...

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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 $1,818,500 1,011,500 807,000 499,000 308,000 $1,750,500 996,000 754,500 479,000 275,500 Interest expense Income before income taxes Income tax expense Net income 18,000 290,000 87,000 $ 203,000 14,000 261,500 77,000 $ 184,500

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