RCES rk Exercise 18-7 Frizell Company has the following comparative balance sheet data. FRIZELL COMPANY Balance Sheets December 31 udy 2017 2016 Cash $ 16,000 $29,500 Accounts receivable (net) 70,100 59,300 59,100 49,300 200,000 178,500 $345,200 $316,600 $49,400 $59,000 Mortgage payable (696) 106,500 106,500 Common stock, $10 par 142,000 125,000 47,300 26,100 $345,200 $316,600 Inventory Plant assets (net) Accounts payable Retained earnings Additional information for 2017: 1. Net income was $25,600. 2. Sales on account were $410,000. Sales returns and allowances were $19,800 3. Cost of goods sold was $198,100