Comparative statement data for Farris Company and Ratzlaff Company, two competitors, appear below. All balance...
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Accounting
Comparative statement data for Farris Company and Ratzlaff Company, two competitors, appear below. All balance sheet data are as of December 31, 2015, and December 31, 2014.
| Farris Company | Ratzlaff Company | |||||||
| 2015 | 2014 | 2015 | 2014 | |||||
| Net sales | $1,575,677 | $339,305 | ||||||
| Cost of goods sold | 1,080,740 | 240,962 | ||||||
| Operating expenses | 303,677 | 79,070 | ||||||
| Interest expense | 8,680 | 2,260 | ||||||
| Income tax expense | 54,865 | 6,670 | ||||||
| Current assets | 324,047 | $312,609 | 83,970 | $ 79,171 | ||||
| Plant assets (net) | 520,365 | 501,197 | 139,336 | 124,946 | ||||
| Current liabilities | 64,433 | 74,030 | 35,991 | 29,109 | ||||
| Long-term liabilities | 107,330 | 91,629 | 29,422 | 25,095 | ||||
| Common stock, $10 par | 498,000 | 498,000 | 117,000 | 117,000 | ||||
| Retained earnings | 174,649 | 150,147 | 40,893 | 32,913 | ||||
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