CORBIN COMPANY Income Statement For the Years Ended December 31 2017 2016 $599,600 $520,800 Net sales (all on account Expenses 353,600 Cost of goods sold 414,300 Selling and administrative 120,500 113,900 Interest expense 7,200 5,300 Income tax expense 17,000 13,300 486,100 Total expenses 559,000 40,600 34,700 Net income CORBIN COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets 21,700 Cash 18,400 17,000 Short-term investments 15,700 Accounts receivable (net 85,700 74,900 70,100 89,200 Inventory 179,100 Total current assets 213,600 423200 382,600 Plant assets (net) $636,800 $561,700 Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable $121,600 $109,200 20,800 Income taxes payable 22,900 144500 130,000 Total current liabilities Long-term liabilities Bonds payable 120,200 79,800 Total liabilities 264,700 209,800 Stockholders' equity Common stock ($5 par) 151,600 151,600 Retained earnings 220,500 200,300 372,100 351,900 Total stockholders' equity Total liabilities and stockholders' equity $636,800 S561.700 Additional data