Question 1 Selected financial statement information and additional data for Johnston Enterprises is presented below: Johnston Enterprises Balance Sheet and Income Statement Data December 31, 2017 December 31, 2016 Current Assets: Cash Accounts Receivable Inventory $148,100 239,800 398,000 785,900 $115,300 309,800 342,900 768,000 Total Current Assets Property, Plant, and Equipment Less: Accumulated Depreciation Total Assets 1,265,600 (463,400) 1,588,100 1,137,000 (439,900) 1,465,100 Current Liabilities: Accounts Payable Notes Payable Income Taxes Payable $189,800 49,800 84,100 323,700 $101,500 67,800 75,000 244,300 Total Current Liabilities 386,200 630,500 Bonds Payable 350,000 Total Liabilities 673,700 Stockholders' Equity: Common Stock 510,000 404,400 914,400 1,588,100 467,500 367,100 834,600 1,465,100 Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity