SANDHILL COMPANY Balance Sheets December 31 Assets 2017 2016 Cash 72,000 68,000 Debt investments (short-term) 51,000 40,000 Accounts receivable 89,000 08,000 Inventory 235,000 169,000 Prepaid expenses 26,000 29,000 Land 33,000 33,000 Building and equipment (net) 264,000 89,000 Total assets $889,000 $717,000 abilities and Stockholders' Equity Notes payable $171,000 $107,000 Accounts payable 69,000 50,000 Accrued liabilities 40,000 40,000 Bonds payable, due 2017 252,000 169,000 Common stock, $10 par 208,000 208,000 Retained earnings 149,000 143,000 Total liabilities and stockholders' equity $889,000 $717,000 SANDHILL COMPANY Income Statements For the Years Ended December 31 2017 2016 Sales revenue $899,000 $786,000 Cost of goods sold 645,000 574,000 Gross profit 254,000 212,000 operating expenses 96,000 160,000 58,000 52,000 Net income Additional information