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Problem 13-1A Here are comparative statement data for Crane Company and Sheridan Company, two competitors....

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Accounting

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Problem 13-1A Here are comparative statement data for Crane Company and Sheridan Company, two competitors. All balance sheet data are as of December 31, 2017, and December 31, 2016 Crane Company Sheridan Company 2017 2016 2017 2016 Net sales Cost of goods sold Operating expenses Interest expense Income tax expense $1,877,000 1,076,000 261,000 8,000 70,100 $587,000 298,000 83,000 2,600 30,000 Current assets Plant assets (net) Current liabilities Long-term liabilities 795,379 $762,280 203,340 193,899 1,285,392 1,220,000 340,936 306,981 73,886 61,000 161,833 278,136 184,989 219,600 86,249 72,273 Common stock $10 par 1,220,000 1,220,000 292,800 292,800 Retained earning:s 420,802 357,692 92,954 73,195

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