Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit, selected balance sheet amounts at December 31, 2014, were inventory, $47,900; total assets, $239,400, common stock, $84,000, and retained earnings, $33,423.) CABOT CORPORATION Income Statement For Year Ended December 31, 2015 Sales Cost of goods sold $451,600 297,550 Gross profit Operating expenses Interest expense 154,050 99,300 4,300 Income before taxes Income taxes 50,450 20,323 Net income S 30,127 CABOT CORPORATION Balance Sheet December 31, 2015 Assets Cash Short-term investments Accounts receivable, net Notes receivable (trade)* Merchandise inventory Prepaid expenses Plant assets, net Liabilities and Equity Accounts payable Accrued wages payable Income taxes payable Long-term note payable, secured 15,500 5,000 3,900 S 12,000 9,600 29,800 7,000 32,150 2,500 148,300 by mortgage on plant assets Common stock Retained earnings 69,400 84,000 63,550 Total assets $ 241,350 Total liabilities and equity $ 241,350 These are short-term notes receivable arising from customer (trade) sales