ting Chapter 10 Hk Ch 10 QUESTION 2 Incomplete answer Marked out of 1.00 P Flag ques Current Ratio Smith and Sons, Inc. Income Statement (in millions) 2016 2015 Net sales $10,700 $10,200 (5,500) (5,200) Cost of goods sold 5,200 5,000 Gross profit Selling and administrative expenses (2,800) (2,700) Income from operations 2,400 2,300 (300) (250 Interest expense Income before income taxes 2,100 2.050 Income tax expense (420) (400) 1,680 1,650 Net income Smith and Sons, Inc. Balance Sheet (in millions) 2016 2015 Assets Current assets Cash and cash equivalents 800 1,000