Z newconnecteducation.com Co Topic: Chapter 11 Resources 201 chapt1 EX - YouTube HW-Chapter-126 Saved 8 The comparative balance sheets and an income statement for Raceway Corporation follow 40 points eBook Balance Sheets As of December 31 2017 2016 Assets Cash $ 6,300 $ 48,400 Accounts receivable 10,200 7,260 Merchandise inventory 45,200 56.000 Prepaid rent 700 2,140 Equipment 140,000 144,000 Accumulated depreciation (73.400) (118,000) Land 116.000 50,000 Print References Total assets $245,000 $189,800 Liabilities Accounts payable (inventory Salaries payable Stockholders' equity Common stock, $50 par value Retained earnings $ 37,200 12,200 40,000 10,600 150,000 45.600 120,000 19,200 Total liabilities and equity $245,000 $189,800 Income Statement For the Year Ended December 31, 2017 Sales $ 480,000 Cost of goods sold (264,000) Gross profit Operating expenses 216.000 M SI