Precision Tool 2012 Income Statement Net sales $36,408 Less: Cost of goods sold 28,225 Less: Depreciation Earnings before interest and taxes Less: Interest paid 6,423 Taxable Income $5,913 Less: Taxes Net income $3.843 Precision Tool 2011 and 2012 Balance Sheet 2012 58,384 11,500 17,500 2011 2011 52,060 3,411 2012 Cash Accounts rec Inventory Accounts payable $7,250 9,800 5,000 $24,247 27,129 Retained earning 657 $1,003 4,218 Long-term debt 18 776 21.908 Commou stock Total 3.825 Net fixed assets 14.16 14.080 $38.1071.02 Total liab & equity 380 202 Total assets