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Condensed financial data of Metlock Company for 2017 and 2016 are presented below.

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Condensed financial data of Metlock Company for 2017 and 2016 are presented below.

METLOCK COMPANY

COMPARATIVE BALANCE SHEET

AS OF DECEMBER 31, 2017 AND 2016

2017

2016

Cash$1,820

$1,130

Receivables1,730

1,280

Inventory1,590

1,870

Plant assets1,940

1,690

Accumulated depreciation(1,220

)

(1,180

)

Long-term investments (held-to-maturity)1,300

 1,450

 $7,160

 $6,240

  Accounts payable$1,200

$920

Accrued liabilities190

230

Bonds payable1,430

1,530

Common stock1,930

1,710

Retained earnings2,410

 1,850

 $7,160

 $6,240

METLOCK COMPANY

INCOME STATEMENT

FOR THE YEAR ENDED DECEMBER 31, 2017

Sales revenue$6,840

Cost of goods sold4,630

Gross margin2,210

Selling and administrative expenses930

Income from operations1,280

Other revenues and gains   Gain on sale of investments90

Income before tax1,370

Income tax expense550

Net income820Cash dividends

260

Income retained in business

$560

(Show amounts in the investing and financing sections that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g. (15,000).)

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