Forecast for 2016
Sales	$70,400
Cost of goods sold	($25,740)

Income Statements (Actual)	2013	2014	2015
Revenues	$48,176	$58,000	$64,000
Cost of goods sold	(16,328)	(21,000)	(23,400)
Gross Profit	$31,848	$37,000	$40,600
Selling, general, and administrative expenses	(18,862)	(21,900)	(23,700)
Other operating expenses	(370)	(550)	(700)
Operating Profit	$12,616	$14,550	$16,200
Interest income	386	$500	800
Interest expense	(440)	(950)	(740)
Income (loss) from equity affiliates	204	$1,400	(700)
Income before Tax	$12,766	$15,500	$15,560
Income tax expense	(2,996)	(3,875)	(3,890)
Net Income	$9,770	$11,625	$11,670
Other comprehensive income items	1332	$3,834	-6,600
Comprehensive Income	$11,102	$15,459	$5,070
Dividends		$6,091	$7,114

Balance Sheets (Actual)	2013	2014	2015
ASSETS
Cash and cash equivalents	$4,880	$8,186	$9,300
Marketable securities	300	$430	$658
Accounts receivableNet	5,174	$6,630	6,170
Inventories	3,282	$4,536	4,824
Prepaid expenses and other current assets	3,246	$4,428	3,530
Current Assets	$16,882	$24,210	$24,482
Long-term investments in affiliates	13,566	$15,554	11,428
Property, plant & equipmentAt cost	23,822	$28,800	28,800
(Accumulated depreciation)	(10,016)	(11,902)	(12,148)
Amortizable intangible assets (net)	3,374	$5,708	4,834
Goodwill and nonamortizable intangibles	6,896	$18,818	20,176
Other non-current assets (1)	5,402	$5,350	3,466
Total Assets	$59,926	$86,538	$81,038
LIABILITIES
Accounts payableTrade	$1,858	$2,760	$2,740
Current accrued liabilities	8,252	11,070	9,670
Notes payable and short-term debt	6,470	11,838	12,132
Current maturities of long-term debt	66	266	930
Income taxes payable	1,134	$516	504
Current Liabilities	$17,780	$26,450	$25,976
Long-term debt	2,628	6,554	5,437
Deferred tax liabilitiesNoncurrent	1216	3,780	1879
Other non-current liabilities (1)	4,462	$6,266	6,802
Total Liabilities	$26,086	$43,050	$40,094
SHAREHOLDERS EQUITY:
Common stock + paid-in capital	$13,722	$16,516	$17,692
Retained earnings	66,936	72,470	77,026
Accum. other comprehensive income (loss)	(2,582)	1,252	(5,348)
(Treasury stock)	(44,236)	(46,750)	(48,426)
Common Shareholders Equity	$33,840	$43,488	$40,944
Total Liabilities and Equities	$59,926	$86,538	$81,038

Balance Sheets (Actual)	2013	2014	2015
ASSETS
Cash and cash equivalents	$4,880	$8,186	$9,300
Marketable securities	300	$430	$658
Accounts receivableNet	5,174	$6,630	6,170
Inventories	3,282	$4,536	4,824
Prepaid expenses and other current assets	3,246	$4,428	3,530
Current Assets	$16,882	$24,210	$24,482
Long-term investments in affiliates	13,566	$15,554	11,428
Property, plant & equipmentAt cost	23,822	$28,800	28,800
(Accumulated depreciation)	(10,016)	(11,902)	(12,148)
Amortizable intangible assets (net)	3,374	$5,708	4,834
Goodwill and nonamortizable intangibles	6,896	$18,818	20,176
Other non-current assets (1)	5,402	$5,350	3,466
Total Assets	$59,926	$86,538	$81,038
LIABILITIES
Accounts payableTrade	$1,858	$2,760	$2,740
Current accrued liabilities	8,252	11,070	9,670
Notes payable and short-term debt	6,470	11,838	12,132
Current maturities of long-term debt	66	266	930
Income taxes payable	1,134	$516	504
Current Liabilities	$17,780	$26,450	$25,976
Long-term debt	2,628	6,554	5,437
Deferred tax liabilitiesNoncurrent	1216	3,780	1879
Other non-current liabilities (1)	4,462	$6,266	6,802
Total Liabilities	$26,086	$43,050	$40,094
SHAREHOLDERS EQUITY:
Common stock + paid-in capital	$13,722	$16,516	$17,692
Retained earnings	66,936	72,470	77,026
Accum. other comprehensive income (loss)	(2,582)	1,252	(5,348)
(Treasury stock)	(44,236)	(46,750)	(48,426)
Common Shareholders Equity	$33,840	$43,488	$40,944
Total Liabilities and Equities	$59,926	$86,538	$81,038

What percentage of AG's total assets are funded by debt in 2015? Here debt is defined as both current and long-term debt.

		6.71%
		49.48%
		22.83%
		32.05%