Comparative financial statement data for Clear Lake Inc. follow: \table[[Cash,Year 2,Year 1,],[Accounts receivable,$7,$,6],[Inventory,22,24,],[Plant and...

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Accounting

Comparative financial statement data for Clear Lake Inc. follow:
\table[[Cash,Year 2,Year 1,],[Accounts receivable,$7,$,6],[Inventory,22,24,],[Plant and equipment,50,40,],[Less: Accumulated depreciation,240,200,],[Total assets,(65),(50),],[Accounts payable,$254,$220,],[Common shares,$40,$36,],[Retained earnings,150,145,],[Total liabilities and stockholders' equity,64,3.39,]]
For year 2, the company reported net income as follows:
\table[[,],[Sales,$275, cost of goods sold 150, gross margin 125, operating expenses 90, net income $35
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