omework Saved Help Save & Exit 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) Submit CABOT CORPORATION Income Statement For Year Ended December 31, 2017 Sales $ 452,600 Cost of goods sold Gross profit Operating expenses 296,950 155,650 98,900 Interest expense 4,100 52,650 Income before taxes Income taxes 21,210 Net income 31,440 CABOT CORPORATION Balance Sheet December 31, 2017 Liabilities and Equity Accounts payable Assets $ 16,500 3,000 4,700 8,000 9,000 Accrued wages payable 33,800 Income taxes payable 8,000 36,150 Long-tern note payable, secured by Cash Short-term investments Accounts receivable, net Notes receivable (trade) Merchandise inventory 72,400 mortgage on plant assets 80,000 69,400 2,750 Common stock Prepaid expenses Plant assets, net 148,300 Retained earnings $ 246,000 s 246,000 Total liabilities and equity Total assets Next 2 of 2