Income Statement year ending 2016
Sales Revenues	$100,000
Cost of goods sold	50,000
Fixed costs	12,000
Selling, general, and administrative expenses	14,667
Depreciation	10,000
EBIT	18,333
Interest expense	5,000
Taxable Income	13,333
Taxes	3,333
Net Income	10,000
*** Tax rate	25%
Dividens paid	2,000
Partial Balance Sheet 12/31/2015
ASSETS		LIABILITIES
Current Assets		Current Liabilities
Cash	1,000	Notes payable	1,000
Accounts receivable		Accounts payable	7,000
Inventories	5,000	Total current liabilities
Total current assets	15,000	Long-term debt
		Total Liabilities
Gross Fixed assets	155,000	OWNERS EQUITY
Accumulated depreciation	20,000	Retained earnings (1)	20,000
Net Fixed assets		Common stock	70,000
Intangible assets	0	Total owner's equity
TOTAL ASSETS	$150,000	TOTAL LIABILITIES & OWNERS EQUITY	$150,000
(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	Notes payable
Accounts receivable		Accounts payable	8,000
Inventories	10,000	Total current liabilities	10,000
Total current assets	20,000	Long-term debt	62,000
Gross Fixed assets		Total liabilities
Accumulated depreciation		OWNERS EQUITY
Net Fixed Assets	150,000	Retained earnings	28,000
Intangible assets	0	Common stock	70,000
Total long-term assets	150,000	Total owner's equity	98,000
TOTAL ASSETS	$170,000	TOTAL LIABILITIES & OWNERS EQUITY	$170,000

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?

2. What is amount for Total Liabilities & Owner's Equity for 2016?

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?