7 Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit, selected balance sheet amounts at December 31 of the prior year were inventory, $47,000, total assets, $219,400, common stock, $84,000, and retained earnings. $39,480) CABOY CORPORATION Income Statement For Current Year Ended December 31 14.32 Domes Shipped eBook Print references Sales Cost of goods sold Gross profit Operating expenses Interest expense Income before taxes Income tax expense Net Incone Mc Graw Assets Cash Short-term investments Accounts receivable, net Merchandise Inventory Prepaid expenses Plant assets, net Total assets $453,600 297,050 156,550 99,300 4,300 52,950 21,330 $ 31,620 CABOT CORPORATION Balance Sheet December 31 Liabilities and Equity $ 16,000 Accounts payable. 10,500 1,400 Accrued wages payable 4,400 32,500 Income taxes payable 4,300 40,150 Long-term note payable, secured by 65,400 147,300 Retained earnings mortgage on plant assets 3,050 Common stock. $247,700 Total liabilities and equity i 54,000 71,100 $247,700