Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2016, were inventory, $49,900; total assets, $179,400; common stock, $82,000; and retained earnings, $43,212.) CABOT CORPORATION Income Statement For Year Ended December 31, 2017. Sales $ 454,600 Cost of goods sold 297,450 Gross profit 157,150 Operating expenses 99,300 Interest expense 4,200 Income before taxes 53,650 Income taxes 21,612 Net income 32,038 Assets Cash Short-term investments Accounts CABOT CORPORATION Balance Sheet December 31, 2017. Liabilities and Equity 12,000 Accounts payable 8,400 Accrued wages payable $ 18,500 4,600 3,900 30,800 Income taxes payable receivable, net Notes receivable. (trade) 4,000 Merchandise inventory 40,150 Long-term note payable, secured by mortgage on plant assets 68,400 Prepaid expenses 3,000 Common stock 82,000 Plant assets, net 154,300 Retained earnings 75,250 Total assets $252,650 Total liabilities and equity $252,650