2016 Income Statement Sales Costs of goods sold Selling and administrative Depreciation EBIT Interest EBT Taxes $ 570,700 273,970 124,722 54,565 S 117,443 19,538 97,905 39,162 S 58,743 S 10,700 S 48,043 Net income Addition to retained earnings GRAFFITI ADVERTISING, INC Balance Sheet as of December 31, 2015 Cash Accounts receivable Inventory Current assets S 9,493 14,497 S 23,990 S 13,430 Accounts payable 18,983 Notes payable 13,805 Current liabilities $ 46,218 $ 135,920 S 231,064 $ 390,974 Long-term debt Net fixed assets $ 344,756 Owner's equity 390,974 Total liabilities and owners' equity Total assets GRAFFITI ADVERTISING, INC Balance Sheet as of December 31, 2016 Cash Accounts receivable Inventory Current assets 10,523 16,477 $ 27,000 S 14,416 Accounts payable 21,088 Notes payable 22,765 Current liabilities $ 58,269 S406,300 S464,569 $ 153,100 $ 284,469 $464,569 Long-term debt Owner's equity Net fixed assets Total assets Total liabilities and owners' equity