Comprehensive Problem 26 C. Manuel Inc. ncome Statement For years ended December 31, 2017 and 2018 C. Manuel Inc. Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Change 50 2018 2017 Current assets: Sales (all on credit) Cost of goods sold $755,000 $717000 Cash $103,490 (383.000) (314.000) Accounts recelvable (net) 36,000 44,000 2,000 $56,100 $47.390 30,000 6,000 42,000 2,000 4,500 2,500 4.400 1.520 44Gross margin 372,000 403,000 Inventory Prepaid expenses Depreciation expense Other operating 37000 51,000 Other current assets 162.000 134.000 Total current assets 199,000 185,000 173.000 218.000 Longterm Investments 188,370 137000 51,370 Total operating expenses Operating income 78,000 54,000 24,000 255,000 50,000 77,800) (51,000) 26,800 227200 204.000 23.200 493.570 395.000 98.570 ReferencesOther Plant assets 305,000 (4700) (3,soo) Less: accumulated 7300 5,100 Total plant assets (4.500) (5400) Total assets Interest expense Gain on sale of Loss on sale of plant Total other income (expenses) (16,500) (3,800) Current liabilities: Income before income taxes Income taxes expense Net income 171100 214,.200 Accounts payable $25,500 7,200 4.100 $26,000 $-500 6,000 1,200 15.000 -10.900 47000 -10,200 (51330) (64.260) Accrued liabilities $119.770$149.940 Income taxes payable Total current liabilities C. Manuel Inc. Statement of Retained Earnings Long term liabilities: Notes Payable 236,000 175,000 61000