(Estimated time allowance: 16 minutes) The following information has been extracted from the financial statements of a company. 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. Sales Revenues Cost of goods sold Fixed costs Selling, general, and administrative expenses Depreciation EBIT Interest expense Taxable incomo Taxes Net Income $100,000 50,000 21,000 19,667 1,000 3,333 2,000 *** Tax rate Dividens paid 40% 500 ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Partial Balance Sheet 12/31/2015 LIABILITIES Current Liabilities Notes payable 9,000 Accounts payable 15.000 Total current liabilities Long-term debt 1,000 7.000 *** Tax rate Dividens paid 40% 500 ASSETS Current Assets Cash Accounts receivable Inventories Total current sets 1,000 7.000 Partia Balance Sheet 1731/2015 LIABILITIES Current Liabilities Notes payable 9,000 Accounts payable 15.000 Total current liabilities Long-term debt Total Liabilities 14,000 OWNERS' EQUITY 2,000 Retained earnings (1) Common stock 0 Total owner's equity Gross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets 12 500 10.000 TOTAL ASSETS 541.000 TOTAL LIABILITIES & OWNER'S EQUITY: $11,000 1000 5.000 ASSETS Current Assets Cashi Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed Assets Intangible assets Touillonte Partial Balance Sheet 12/31/2016 LIABILITIES Current Liabilities 3.000 Notes payablo Accounts payable 10,000 Total currealabilities 30,000 Long-term dont Total abilities OWNERS' EQUITY 10,000 Retained camio 0 Common stock 10.000 TL 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 1. What is the amount for Current Liabilities in 2015? A/ 2. What is amount of Accounts Receivable in 2016? A 3. What is the amount of accumulated depreciation in 2016? AJ 4. What is the amount of Gross Fixed Assets in 2016? A 5. What is the amount for Common Stock in the Balance Sheet in 2016? 4 6. What is the amount for Interest Expense for 2016? 47. What is the amount for Long-Term Debt in the Balance Sheet in 2015
