balance year-end statements of Cabot Corporation follow. (ANI sales were on credit selected stock, sheet amounts at December 31, 2014, were inventory, $54,900; total assets, $239,400; common $88,000; and retained earnings, $34,651.) CABOT CORPORATION Income Statement For Year Ended December 31, 2015 451,600 Cost of goods sold 298,150 Gross profit 153,450 Operating expenses 98,900 Interest expense 4,900 Income before taxes 49,650 Income taxes 20,001 Net income 29,649 CABOT CORPORATION Balance Sheet December 31, 2015 Assets Liabilities and Equity Cash 14,000 Accounts payable 16,500 Short-term investments 8,400 Accrued wages payable 4,600 Accounts receivable, net 33,000 Income taxes payable 3,800 Notes receivable (trade) 5,000 Long-term note payable, secured Merchandise inventory 32,150 by mortgage on plant assets 68,400 expenses 2,750 Common stock 88,000 Plant assets, net 150,300 Retained eamings Total assets 245,600 Total liabilities and equity 245,600 "These are short-term notes receivable arising from customer (trade) sales