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Question 1 Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance...

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Question 1 Crane Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow Crane Medical As of December 31 2016 2015 Assets Current assets Cash Accounts receivable, net Inventory Other current assets $368,000 $417400 776,500 681,000 247,050 2,551,800 2,121,950 8,330,030 $11,234,020 $10,451,980 1,067,800 729,000 387,000 Total current assets Property, plant, & equipment, net 8,682,220 Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt $3,172,000 $2,846,100 3,702,650 3,892,700 6,738,800 52,100 103,850 3,557,230 3,713,180 $11,234,020 10,451,980 Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings 6,874,650 52,100 170,000 4,137,270 4,359,370 Total stockholders' equity Total liabilities and stockholders equity

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