MASON COMPANY Income Statement For the Year Ended December 31, 2017 Income Statement Net sales Cost of goods sold Gross profit Expenses Depreciation expense interest expense Selling expenses Administrative expenses Total expenses income before income taxes income tax expense Net income MASON COMPANY Comparative Balance Sheet As of December 31, 2017 \begin{tabular}{|l|r|r|} Assets & 2017 & 2016 \\ \hline Cash & $30,000 & 545,000 \\ \hline Short-term investments & 10,000 & 25,000 \\ \hline Accounts receivable (net) & 60,000 & 40,000 \\ \hline Inventory & 50,000 & 50,000 \\ \hline Property. plant, and equipment (net) & 200,000 & 160,000 \\ \hline Total assets & $350,000 & 5320,000 \\ \hline Liabilities and stockholders' equity & & \\ \hline Accounts payable & & \\ \hline Short term notes payable & $10,000 & $30,000 \\ \hline Bonds payable & 40,000 & 35,000 \\ \hline Common stock & 20,000 & 20,000 \\ \hline Retained earnings & 220,000 & 200,000 \\ \hline Total liabilities and stockholders'equity & 60,000 & 35,000 \\ \hline \end{tabular} MASON COMPANY Income Statement For the Year Ended December 31, 2017 Income Statement Net sales Cost of goods sold Gross profit Expenses Depreciation expense interest expense Selling expenses Administrative expenses Total expenses income before income taxes income tax expense Net income MASON COMPANY Comparative Balance Sheet As of December 31, 2017 \begin{tabular}{|l|r|r|} Assets & 2017 & 2016 \\ \hline Cash & $30,000 & 545,000 \\ \hline Short-term investments & 10,000 & 25,000 \\ \hline Accounts receivable (net) & 60,000 & 40,000 \\ \hline Inventory & 50,000 & 50,000 \\ \hline Property. plant, and equipment (net) & 200,000 & 160,000 \\ \hline Total assets & $350,000 & 5320,000 \\ \hline Liabilities and stockholders' equity & & \\ \hline Accounts payable & & \\ \hline Short term notes payable & $10,000 & $30,000 \\ \hline Bonds payable & 40,000 & 35,000 \\ \hline Common stock & 20,000 & 20,000 \\ \hline Retained earnings & 220,000 & 200,000 \\ \hline Total liabilities and stockholders'equity & 60,000 & 35,000 \\ \hline \end{tabular}