Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit selected balance sheet amounts at December 31, 2014, were inventory, $54,900 total assets, $209,400 common stock, $83,000; and retained earnings, $46,679.) CABOT CORPORATION Income Statement For Year Ended December 31, 2015 Sales 453,600 297,950 Cost of goods sold Gross profit 155,650 99,300 Operating expenses Interest expense 3,900 Income before taxes 52,450 21,129 Income taxes 31,321 Net income CABOT CORPORATION Balance Sheet December 31, 2015 Assets Liabilities and Equity 14,000 Accounts payable 16,500 Cash Short-term investments 9,000 Accrued wages payable 4,800 31,800 Income taxes payable Accounts receivable, net 4,400 Notes receivable (trade) 6,000 Long-term note payable, secured 66,400 Merchandise inventory 38,150 by mortgage on plant assets Common stock Prepaid expenses 2,850 83,000 Plant assets, net 151,300 Retained earnings 78,000 253,100 Tota liabilities and equity 253,100 Total assets These are short-term notes receivable arising from customer (trade) sales