Selected current year-end financial statements of Cabot Corporation follow (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $56,900, total assets, $189.400, common stock, $82,000, and retained earnings, $43,294) Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets CABOT CORPORATION Balance Sheet of current year Liabilities and Equity $ 16,000 Accounts payable $16,500 8,400 Accrued wages payable 4,400 32,200 Income taxes payable 4,700 40,150 Long-term note payable, secured by mortgage on plant assets 68,400 2,700 Common stock) 82,000 152,300 75,750 Retained earnings $ 251,750 Total liabilities and equity $251,750 CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 454,600 Cost of goods sold 296,950 Gross profit 157,650 Operating expenses 99,200 Interest expense 4,100 Income before taxes 54,350 Income tax expense 21,894 Net Incner $32.456