$$140,000$

Cost of goods sold $45,000$

Fixed costs $16,000$

Selling, general, and administrative expenses $25,000$

Depreciation $6,000$

EBIT

Interest expense $2,000$

Taxable Income

Taxes

Net Income

$***$ Tax rate $20\%$

Dividens paid $$1000$

Partial Balance Sheet $12/31/2019$

ASSETS LIABILITIES

Current Assets Current Liabilities

Cash $$3,000$ Notes payable $$4,000$

Accounts receivable $7,000$ Accounts payable $7,000$

Inventories $7,000$ Total current liabilities

Total current assets Long$-$term debt $24,000$

Total Liabilities

Gross Fixed assets $73,000$ OWNERS' EQUITY

Accumulated depreciation $14,000$ Retained earnings $(1)$

Net Fixed assets Common stock

Intangible assets $0$ Total owner's equity

TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY

$(1)$ These are cumulative retained earnings but textbook simply calls it retained earnings

Partial Balance Sheet $12/31/2020$

ASSETS LIABILITIES

Current Assets Current Liabilities

Cash $$4,000$ Notes payable $$6,000$

Accounts receivable $9,000$ Accounts payable $4,000$

Inventories $4,000$ Total current liabilities

Total current assets Long$-$term debt

$19,000$

Gross Fixed assets $80,000$ Total liabilities

Accumulated depreciation OWNERS' EQUITY

Net Fixed Assets Retained earnings

Intangible assets $0$ Common stock

Total long$-$term assets Total owner's equity

TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY

When answering the questions $($filling in the blanks$),$ DO NOT use dollar signs, DO NOT USE commas to separate thousands, DO NOT use parenthesis to denote negative numbers, USE the negative sign and place it in front of first digit of your answer when your answer is a negative number. Round to the nearest dollar.

Total Assets as of $12/31/2019$ is $\_\_\_\_\_\_\_\_\_\_\_\_\_$