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Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance...

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Accounting

Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2014, were inventory, $52,900; total assets, $179,400; common stock, $90,000; and retained earnings, $46,536.)imageimageimageimageimage

CABOT CORPORATION Income Statement For Year Ended December 31, 2015 Sales Cost of goods sold $451,600 296,950 Gross profit Operating expenses Interest expense 154,650 98,600 4,700 Income before taxes Income taxes 51,350 20,686 Net income S 30,664 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 $ 16,500 4,400 3,600 $ 22,000 8,400 29,200 7,000 32,150 3,050 154,300 by mortgage on plant assets Common stock Retained earnings 64,400 90,000 77,200 Total assets $ 256,100 Total liabilities and equity $ 256,100 * These are short-term notes receivable arising from customer (trade) sales

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