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Question 1 Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance...

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Question 1 Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow Crane Medical As of December 31 2016 2015 Assets Current assets Cash Accounts receivable, net Inventory Other current assets 436,000 $417,400 776,500 681,050 247,100 2,603,000 2,122,050 8,746,2858,439,815 $11,349,285 10,561,865 1,063,000 798,000 306,000 Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt $3,115,000 $2,846,050 3,799,000 3,892,700 6,738,750 58,900 103,800 3,660,415 4,435,285 3,823,115 $11,349,285 $10,561,865 Total liabilities Preferred stock, $5 par value Common stoc, $0.25 par value Retained earnings 6,914,000 51,000 197,000 4,187,285 Total stockholders' equity Total liabilities and stockholders equity

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