Exercise 13-13 Your answer is partially correct. Try again. The condensed financial statements of Sheridan Company for the years 2016 and 2017 are presented below SHERIDAN COMPANY Balance Sheets 2017 2016 Current assets Cash and cash equivalents Accounts receivable (net) $330 $360 420 560 490 160 1,510 1,430 410 380 490 Prepaid expenses 130 Total current assets Property, plant, and equipment (net) 30 510 $2,480 $2,350 $840 $810 480 Stockholders' equity-common 1,060 1,060 $2,480 $2,350 30 530 Intangibles and other assets Total assets Current liabilities Long-term liabilities 580 Total liabilities and stockholders' equity SHERIDAN COMPANY For the Year Ended December 31 (in thousands) 2017 2016 $3,900 S3.560 Sales revenue Costs and expenses Cost of goods sold 990 910 Selling & administrative expenses 2,400 2,330 10 20 Interest expense Total costs and Income before income taxes Income tax expense Net income expenses 3400 3.260 500 300 200 120 S 300 S 180