Income Statement year ending 2016 Sales Revenues $100,000 50,000 Cost of goods sold Fixed costs 12,000 9,667 Selling, general, and administrative expenses Depreciation 10,000 EBIT Interest expense Taxable income 13,333 Taxes Net Income 10,000 *** Tax rate 25% Dividens paid 2,000 ASSETS Current Assets Cash 1,000 Accounts receivable Partial Balance Sheet 12/31/2015 LIABILITIES Current Liabilities 1,000 Notes payable Accounts payable 5,000 Total current liabilities Long-term debt Total Liabilities 7,000 Inventories Total current assets Gross Fixed assets Accumulated depreciation 155,000 OWNERS' EQUITY 20,000 Retained earnings (1) Common stock 20,000 Net Fixed assets 70,000 Net Fixed assets Common stock 70,000 Intangible assets 0 Total owner's equity TOTAL ASSETS $150,000 TOTAL LIABILITIES & OWNER'S EQUITY $150,000 (1) These are cumulative retained earnings but textbook simply calls it retained earnings Partial Balance Sheet 12/31/2016 LIABILITIES ASSETS Current Assets Cash Accounts receivable Current Liabilities 3,000 Notes payable Accounts payable 10,000 Total current liabilities 20,000 Long-term debt Total liabilities 8,000 10,000 Inventories Total current assets 62,000 Gross Fixed assets Accumulated depreciation Net Fixed Assets Intangible assets OWNERS' EQUITY 150,000 Retained carnings 01 Common stock Total long-term assets TOTAL ASSETS 150,000 Total owner's equity 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. 1. What is the amount for Total Assets in 2016? 343,000 A 2. What is amount for Total Liabilities & Owner's Equity for 2016? 80,000 A 3. What is the change in retained earnings from 2015 to 2016? A 4. What is the amount for Retained Earnings in the Balance Sheet in 2016? 5. What is the amount for Common Stock in the Balance Sheet in 2016? A 6. What is the amount for Total Owner's Equity in the Balance Sheet for 2016? A 7. What is the amount for Long-Term debt in the Balance Sheet in 2016? A