ACC 112 Project 1B The below represents the comparative financial statements of Kamla Corporatio Kamla Corporation Comparative Income Statement For the Years Ended December 31, 2016 and 2015 2016 2015 Net sales (all on account) $1,178,000 $1,034,000 Expenses: Cost of goods sold $808,000 $710,000 Selling and administrative 209,000 225,000 Interest expense 12,000 14,000 Income tax expense 33,400 23,000 Total expenses $1,062,400 $972,000 Net income $115,600 $62,000 2015 Kamla Corporation Comparative Balance Sheet December 31, 2016 and 2015 Assets 2016 Current assets: Cash $38,600 Notes receivable 34,200 Accounts receivable (net) 171,200 Inventory 181,500 Total current assets 425,500 Property, plant, and equipment (net) 842,000 Total assets $1,267,500 Liabilities and Stockholders' Equity Current liabilities: $37,000 28,600 149,400 138,800 353,800 782,000 $1,135,800 $242,000 47,200 $289,200 $238,000 41,800 $279,800 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Notes payable Total current liabilities Long-term liabilities: Bonds payable Total liabilities Stockholders' equity: Common stock ($5 par) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 233,000 $522,200 164,800 $444,600 $300,000 $300,000 445,300 391,200 745,300 $691,200 $1,267,500 $1,135,800 Additional data: 1) The common stock recently sold at $44 per share. 2) The weighted average common shares outstanding for the two years, 2015 an Compute the current ratio for 2016. (Round answer to 2 decimal places. Do you must enter your answers with commas.) Current Ratio = Current Assets v Current Liabilities $ 1,178,000 7 289,200