usinessCourse E Menu cass Smith &Sons Balance Sheet As of December 31 Cash Accounts receivable160,000 Inventory Plant assets (ne 160 000 40.000 00.000 20 0oo 80,000 Current ablne Bonds payable 60,000 Common Sock 00.000 Red arning Total assets 1,000,000 Totallies and ckholdeequity $1.0oo Sales revenue for the year was $1,600,000.gross profit was 640.000 and net income was $72.000 inventory was $220,.000, total assets were $920.000 and One year ago, accounts receivable were $152000 stockholders equity was 520.000