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CHENG INC. Comparative Balance Sheets December 31 2016 Assets Cash Accounts receivable Inventory Prepaid expenses Investments Equipment Accumulated depreciation-equipment 2017 $99,100 92,300 $47,700 33,300 112,200 101,200 25,500 114,500 242,600 (46,800) (51,200) $697,000 $513,600 29,000 141,000 270,200 Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses pay Bonds payable Common stock Retained earnings $111,300 16,100 114,200 220,300 235,100 $67,200 17,000 149,800 175,600 104,000 $697,000 $513,600 able Total CHENG INC Income Statement For the Year Ended December 31, 2017 Sales revenue $392,200 Less: Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets $134,700 11,700 40,200 26,600 4,800 6,800 224,800 $167,400 Net income