Problem 18-6A Partially correct answer. Your answer is partially correct. Try again. The comparative statements of Corbin Company are presented below. CORBIN COMPANY Income Statement For the Years Ended December 31 2017 2016 Net sales (all on account) $600,500 $520,800 Expenses Cost of goods sold 414,600 353,300 Selling and administrative 119,900 113,000 Interest expense 7,800 6,300 Income tax expense 17,900 14,200 Total expenses 560,200 486,800 Net income $ 40,300 $ 34,000 CORBIN COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash $ 20,800 $ 17,100 Short-term investments 18,600 14,300 Accounts receivable (net) 86,400 73,400 Inventory 89,900 69,100 Total current assets 215,700 173,900 Plant assets (net) 422,000 383,800 Total assets $637,700 $557,700 Liabilities and Stockholders Equity Current liabilities Accounts payable $122,800 $109,800 Income taxes payable 22,100 20,300 Total current liabilities 144,900 130,100 Long-term liabilities Bonds payable 119,600 79,600 Total liabilities 264,500 209,700 Stockholders equity Common stock ($5 par) 145,600 145,600 Retained earnings 227,600 202,400 Total stockholders equity 373,200 348,000 Total liabilities and stockholders equity $637,700 $557,700 Additional data: The common stock recently sold at $18.25 per share.

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