1. What is the amount for Total Assets in 2016?

2. What is amount for Total Liabilities & Owner's Equity for 2016?

3. What is the change in retained earnings from 2015 to 2016?

4. What is the amount for Retained Earnings in the Balance Sheet in 2016?

5. What is the amount for Gross Fixed assets in the Balance Sheet in 2016?

6. What is the amount for Total Owner's Equity in the Balance Sheet for 2016?

7. What is the amount for Long-Term debt in the Balance Sheet in 2016?

Balance sheet. Use the data from the financial statements of a company shown below. Use it to answer the 7 questions that follow it. When answering the questions (filling in the blanks), DO NOT use dollar signs, 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. Income Statement year ending 2016 Sales Revenues $100,000 50,000 Cost of goods sold Fixed costs Selling, general, and administrative expenses 12.000 14,667 Depreciation 10,000 EBIT Interest expense Taxable Income 13,333 Taxes Net Income 10,000 *** Tax rate 25% 2,000 Dividens paid ASSETS Current Assets Partial Balance Sheet 12/31/2015 LIABILITIES Current Liabilities Cash 1,000 7,000 Accounts receivable Inventories Total current assets 1,000 Notes payable Accounts payable 5,000 Total current liabilities Long-term debt Total Liabilities 155,000 OWNERS' EQUITY 20,000 Retained carnings ) Common stock Total owner's equity Gross Fixed assets 20,000 Accumulated depreciation Net Fixed assets Intangible assets 70,000 TOTAL ASSETS $150,000 TOTAL LIABILITIES & OWNER'S EQUITY $150,000 (1) These are cumulative retained earnings but textbook simply calls it retained earnings Partial Balance Sheet 12/31/2016 ASSETS LIABILITIES Current Assets Current Liabilities Cash 3,000 Notes payable Accounts receivable Accounts payable 8,000 Inventories 10,000 Total current liabilities 10,000 Total current assets 20,000 Long-term debt Gross Fixed assets Total liabilities Accumulated depreciation OWNERS' EQUITY Net Fixed Assets 150,000 Retained earnings Intangible assets Common stock 70,000 Total long-term assets 150.000 Total owner's equity TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY DO NOT use dollar signs, 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. 1. What is the amount for Total Assets in 2016? ? 0 A 2. What is amount for Total Liabilities & Owner's Equity for 2016? A/ A 3. What is the change in retained earnings from 2015 to 2016? A/ 4 4. What is the amount for Retained Earnings in the Balance Sheet in 2016? A 5. What is the amount for Gross Fixed assets in the Balance A 6. What is the amount for Total Owner's Equity in the Sheet in 2016? Balance Sheet for 2016? 4 7. What is the amount for Long-Term debt in the Balance Sheet in 2016? A/