Comparative financial statement data for Carmono Company follow:

This Year

Last Year

Assets

Cash

$

7.00

$

13.00

Accounts receivable

48.00

41.00

Inventory

90.00

76.60

Total current assets

145.00

130.60

Property, plant, and equipment

228.00

192.00

Less accumulated depreciation

44.80

33.60

Net property, plant, and equipment

183.20

158.40

Total assets

$

328.20

$

289.00

Liabilities and Stockholders Equity

Accounts payable

$

54.00

$

45.00

Common stock

114.00

88.00

Retained earnings

160.20

156.00

Total liabilities and stockholders equity

$

328.20

$

289.00

For this year, the company reported net income as follows:

Sales	$	800.00
Cost of goods sold		480.00
Gross margin		320.00
Selling and administrative expenses		300.00
Net income	$	20.00
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