$500,000 58,000 25,334 Income Statement year ending 2016 Sales Revenues Cost of goods sold Fixed costs Selling, general, and administrative expenses Depreciation EBIT Interest expense Taxable income Taxes Net Income 5,000 41,666 ... Tax rate Dividens paid 40% 5,000 ASSETS Current Assets Cash Accounts receivable Inventories Total current assets 10,000 Partial Balance Sheet 12/31/2015 LIABILITIES Current Liabilities 15,000 Notes payable 35,000 Accounts payable Total current liabilities 75,000 Long-term debt Total Liabilities OWNERS' EQUITY 100.000 Retained earnings (1) 340,000 Common stock Total owner's cquity 27,000 145,000 Gross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets 70,000 TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY Theses.cumulative hindaming bit textbook simply called stati 145,000 Total Liabilities OWNERS' EQUITY 100.000 Retained earnings (1) 340,000 Common stock Total owner's equity Gross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets 70,000 TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY (1) These are cumulative retained earnings but textbook simply calls it retained carnings 20,000 ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed Assets Intangible assets Total long-term assets Partial Balance Sheet 12/31/2016 LIABILITIES Current Liabilities 2,000 Notes payable 20,000 Accounts payable Total current liabilities 50,000 Long-term debt Total liabilities 120,000 OWNERS' EQUITY 300,000 Retained earnings 0 Common stock 300,000 Total owner's equity 20,000 60,000 200.000 TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY There is no other items in the stock owners section in the balance sheets of 2015 and 2016. There is no issuance of equity in 2016. 1. What is the amount for Common Stock in 2015? A/ 2. What is amount for Total Liabilities & Owner's Equity for 2015? A/3. What is the amount of Accounts Payable in the Balance Sheet in 2015? 4