Retained earnings, December 31 | $2,956,550 | | $2,423,450 | Blige Inc. | Comparative Income Statement | For the Years Ended December 31, 2014 and 2013 | | 2014 | 2013 | Sales | $3,471,630 | | $3,193,900 | | Sales returns and allowances | 17,270 | | 11,230 | | Net sales | $3,454,360 | | $3,182,670 | | Cost of goods sold | 1,357,800 | | 1,249,180 | | Gross profit | $2,096,560 | | $1,933,490 | | Selling expenses | $655,870 | | $847,030 | | Administrative expenses | 558,710 | | 497,460 | | Total operating expenses | 1,214,580 | | 1,344,490 | | Income from operations | $881,980 | | $589,000 | | Other income | 46,420 | | 37,600 | | | $928,400 | | $626,600 | | Other expense (interest) | 272,000 | | 149,600 | | Income before income tax | $656,400 | | $477,000 | | Income tax expense | 78,800 | | 57,400 | | Net income | $577,600 | | $419,600 | Blige Inc. | Comparative Balance Sheet | December 31, 2014 and 2013 | | Dec. 31, 2014 | Dec. 31, 2013 | Assets | | Current assets | | | | Cash | $867,420 | | $532,040 | | | Temporary investments | 1,312,850 | | 881,670 | | | Accounts receivable (net) | 686,200 | | 642,400 | | | Inventories | 511,000 | | 394,200 | | | Prepaid expenses | 164,107 | | 106,410 | | | | Total current assets | $3,541,577 | | $2,556,720 | | Long-term investments | 1,258,178 | | 313,177 | | Property, plant, and equipment (net) | 3,740,000 | | 3,366,000 | | Total assets | $8,539,755 | | $6,235,897 | | Liabilities | Current liabilities | $1,073,205 | | $832,447 | | Long-term liabilities | | | | Mortgage note payable, 8%, due 2019 | $1,530,000 | | $0 | | | Bonds payable, 8%, due 2015 | 1,870,000 | | 1,870,000 | | | | Total long-term liabilities | $3,400,000 | | $1,870,000 | | Total liabilities | $4,473,205 | | $2,702,447 | | Stockholders' Equity | | | Preferred $0.70 stock, $40 par | $520,000 | | $520,000 | | Common stock, $10 par | 590,000 | | 590,000 | | Retained earnings | 2,956,550 | | 2,423,450 | | | Total stockholders' equity | $4,066,550 | | $3,533,450 | | Total liabilities and stockholders' equity | $8,539,755 | | $6,235,897 | | Required: Determine the following measures for 2014, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year. | |