ACC 112 Project 1B The below represents the comparative financial statements of Kamla Corporation. Kamla Corporation Comparative Income Statement For the Years Ended December 31, 2016 and 2015 2016 2015 $1,298,000 $1,034,000 Net sales (all on account) Expenses: Cost of goods sold Selling and administrative Interest expense Income tax expense Total expenses Net income $836,000 220,000 12,000 34,600 $1,102,600 $195,400 $706,000 228,000 12,000 26,000 $972,000 $62,000 Kamla Corporation Comparative Balance Sheet December 31, 2016 and 2015 Assets 2016 2015 Current assets: Cash Notes receivable Accounts receivable (net) Inventory $39,400 35,600 170,200 182,000 $36,000 27,900 148,800 135,200