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  3. solvency the two companies. p18-6 the comparative

solvency the two companies. P18-6 The comparative statements of Corbin Company are presented below and...

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solvency the two companies. P18-6 The comparative statements of Corbin Company are presented below and an amp page CORBIN COMPANY Income Statement For the Years Ended December 31 2016 2017 $520,000 $595,000 Net sales (all on account) 354.000 415,000 Cost of goods sold 114,800 120,800 Selling and administrative 6,000 7,800 Interest expense 14,000 15,000 Income tax expense 558,600 488,800 Total expenses 31,200 36,400 Net income CORBIN COMPANY Balance Sheets December 31, 2016 2017 Assets Current assets 18,000 21,000 Cash 15,000 18,000 Short-term investments 74,000 91,000 Accounts receivable (net) 70,000 85.000 177,000 215.000 Total current assets 423,000 383,000 Plant assets (net) $560,000 $638,000 Total assets

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