Weygandt, Financial & Managerial Accounting, 2e Help I System Announcements (1 Unread RCES Financial Information for Messersmith Company is presented below ork MESSERSMITH COMPANY Balance Sheets December 31 Assets 2017 2016 Cash Short-term investments Accounts receivable (net) Inventory Prepaid expenses Land Building and equipment (net) 115,500 107,250 85,800 161,700 206,250 66,000 132,000 222,750 37,950 214,500 288,750 $1,128,600 $1,069,200 47,850 Study 214,500 297,000 Liabilities and Stockholders' Equity Notes payable Accounts payable Accrued liabilities Bonds payable, due 2020 Common stock, $10 par Retained earnings $165,000 $165,000 69,300 66,000 247,500 330,000 79,200 82,500 247,500 330,000 224,400 191.400 $1,128,600 $1,069,200 For the Years Endod 31 2017 2016 Net sales Cost of goods sold Gross proft 51,402,500 1,023,000 379,500 108,550 s 70,950 $1,303,500 948,750 354,750 Net incone 5 69,300