mework 0 Help Save & Exit Submit Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit selected balance sheet amounts at December 31, 2016, were inventory, $55.900; total assets, $249,400: common stock, $80,000, and retained earnings, $37,960) CABOT CORPORATION Income Statement For Year Ended December 31, 2017 Sales $ 452,600 Cost of goods sold 296,950 Gross profit 155,650 Operating expenses 98,900 Interest expense 4,100 Income before taxes 52.650 Income taxes 21,210 Net Income $ 31,440 $ 16,500 3.000 4,700 Assets Cash Short-term investments Accounts receivable, net Notes receivable (trade) Merchandise inventory CABOT CORPORATION Balance Sheet December 31, 2017 Liabilities and Equity 8.000 Accounts payable 9.000 Acerved wages payable 33.800 Income taxes payable 3.000 36,150 Long-term note payable, secured by mortgage on plant assets 2.750 Common stock 148,300 Retained earnings 8 246,000 Total liabilities and equity 72.400 80.000 6,400 $ 246,000 Prepaid expenses Plant assets, net Total assets