Accrued expenses . 950,000 Total current liabilities 5,500,000 Long-term liabilities ...4 Bonds payable, 10.625% ...... 12,000,000 Stockholders' equity ......" Common stock, $1 par value, 2,000,000 shares ....... ....... 2,000,000 Capital in excess of par.. 8,000,000 Retained earnings ...... 13,000,000 Total stockholders' equity ....... 23,000.000 Total liabilities and stockholders equity ..........4..... 40,500,000 Figure 3 GLEN MOUNT FURNITURE COMPANY Abbreviated Income Statement For the Year Ended December 31, 2015 Sales $45,000,000 Less: Fixed Costs 12,900,000 Less: Variable Costs (58% of sales) 26,100,000 Operating income (EBIT) ... $ 6,000,000 Less: Interest 1,275,000 Earnings before taxes (EBT) $ 4,725,000 Less: Taxes (34%) 1,606,500 Earnings after taxes (EAT) .... $ 3,118,500 Shares 2,000,000 Earnings per share $ 1.56