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 $90,000 Cost of goods sold 54,500 Fixed costs Selling, general, and administrative expenses 18,750 Depreciation 1,000 |EBIT 3,750 Interest 0 Taxable income Taxes Net Income *** Tax rate 20% Dividens paid 600 Partial Balance Sheet 12/31/2015 ASSETS LIABILITIES Current Assets Current Liabilities Cash 1,000 Notes payable 1,000 Accounts receivable Accounts payable 6,800 Inventories 5,000 Total current liabilities Total current assets Long-term debt Total Liabilities Gross Fixed assets 90,000 OWNERS' EQUITY Accumulated depreciation 10,000 Retained earnings (1) 11,200 Net Fixed assets Common stock 50,000 Intangible assets 0 Total owner's equity TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY $91,000 (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 Accounts receivable Notes payable Accounts payable Total current liabilities 8,000 Inventories 8,000 10,000 Total current assets 14,000 Long-term debt Gross Fixed assets Total liabilities Accumulated depreciation OWNERS' EQUITY 69,000 Net Fixed Assets Intangible assets Total long-term assets 0 Retained earnings Common stock Total owner's equity 50,000 69,000 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. Net Income in 2016? Net Income in 2016? 2. What is amount for Total Liabilities & Owner's Equity for 2015? 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