2 Use the following information to answer the questions below: note: all sales are credit sales 5 Income Stmt info: 2016 2017 Sales $ 975,000 1,072,500 less Cost of Goods Sold:325,000 Gross Profit 650,000 Operating Expenses 575,000 Earnings before Interest & Taxes75,000 726,375 609,500 116,875 10 Interest exp earnings before Taxes Taxes 12 50,000 85,875 20,000 14 Net Income 30,000 $ 51,525 15 16 Balance Sheet info: 17 Cash 18 Accounts Recelvable 9 Inventory 20 Total Current Assets 21 Fixed Assets (Net) 22 Total Assets 12/31/201612/31/2017 60,000 $ 63,600 80,00084,000 110,000126,500 250,000 274,100 300,000 $312.000 $ 550,000 $ 586,100 130,000 149,500 24 Current Liabilities 25 Long Term Liabilities Sheet Sheet2Sheets SC to cancel Copy O Type here to search