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  3. the comparative financial statements prepared at d

The comparative financial statements prepared at December 31, 2015, for Prince Company showed the following...

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Accounting

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The comparative financial statements prepared at December 31, 2015, for Prince Company showed the following summarized data 2015 2014 Income statement Sales revenue Cost of goods sold $190,500* 167,800 100,400 112,700 Gross profit Operating expenses and interest expense 77,800 56,500 67,400 53,500 Pretax income Income tax 21,300 7,100 13,900 3,550 Net income $14,200 $10,350 Balance sheet Cash Accounts receivable (net) Inventory Operational assets (net) $ 4,300 14,900 40,200 45,500 $ 5,600 17,600 33,600 37,500 $104,900 94,300 Current liabilities (no interest) Long-term liabilities (9% interest) Common stock (par $5) Retained earnings $15,300 43,600 28,200 17,800 $16,300 43,600 28,200 6,200 $104,900 $94,300 *One-third was credit sales

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