Cartwright's Data Set used for S14-6 through S14-10: Cartwright's, a home-improvement store chain, reported these summarized figures: Cartwright's Income Statement For the Year Ended December 31, 2017 1 2 3 4 5 6 Sales revenues 7 Less: Cost of goods sold 8 Gross profit 9 Less: Operating expenses 10 Operating income 11 Less: Interest expense 12 Income before income taxes 13 Less: Income tax expense 14 Net income 15 1 2 3 4 5 6 7 Current assets: 8 Cash 9 Short-term investments Assets Cartwright's Balance Sheets December 31, 2017 and 2016 2017 S 34,988,900 21,766,030 S 13,222,870 5,088,250 S 8,134,620 217,800 S 7,916,820 1,925,750 S 5,991,070 2017 2016 + S 1,200,000 $ 810,000 203,200 260,000 10 Accounts receivable 100,800 378,500 11 Inventory 12 Other current assets 4,676,000 4,190,000 508,000 409,500 13 Total current assets $ 6,688,000 $ 6,048,000 14 Other noncurrent assets 11,437,000 11,620,000 15 Total assets S 18,125,000 $ 17,668,000 16 17 Liabilities 18 Current liabilities: 19 Accounts payable S 3,400,000 $ 2,750,000 20 Notes payable 890,000 655,000 21 Accrued liabilities 110,000 195,000 22 Total current liabilities S 4,400,000 $ 3,600,000 23 Long-term liabilities 4,300,000 4,216,000 24 Total liabilities S 8,700,000 $ 7,816,000 25 26 Stockholders' equity 27 Common stock, no par $ 2,502,000 $ 2,000,000 28 Retained earnings 29 Total stockholders' equity 30 31 Total liabilities and equity 32 6,923,000 7,852,000 $ 9,425,000 $ 9,852,000 $ 18,125,000 $ 17,668,000