Problem 18-6A The comparative statements of Corbin Company are presented below CORBIN COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales (all on account) Expenses 599,900 519.900 Cost of goods sold Selling and administrative Interest expense Income tax expense 415,800 120,200 353,000 113,300 6,900 14,000 487,200 $32,700 8,300 17,100 561,400 $38,500 Total expenses Net income CORBIN COMPANY Balance Sheets Assets 2017 2016 Current assets Cash Short-term investments Accounts receivable (net) Inventony s 20.800 $ 18.200 14,500 73,600 69,900 176,200 383,800 $637,900 $560,000 18,300 85,400 89,600 214,100 423,800 Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable $121600 $109,000 19,800 23.200 144,800 Total current liabilities 128.800 Long-term liabilities Bonds payable 120.100 264.900 80 500 209 300 Tota labiities 145,200 145,200 205,500 350.700 Retained earnings Additional data The common stock recently sold at $20.74 per share. (d) Inventory turnover (h) Return on common stockholders' equity (G) Price-earnings ratio