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 Interest expense Taxable Income Taxes Net Income 13,333 10,000 Tax rate Dividens paid 25% 2,000 Partial Balance Sheet 12/31/2015 LIABILITIES Current Liabilities ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets TOTAL ASSETS 1,000 Notes payable Accounts payable 5,000 Total current liabilities Long-term debt Total Liabilities 155,000 OWNERS' EQUITY 20,000 Retained earnings (1) Common stock 0 Total owner's equity 1,000 7,000 20,000 70,000 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 ASSETS Current Assets LIABILITIES Current Liabilities Cash 3,000 Notes payable Accounts receivable Accounts payable 8.000 Inventories 10.000 Total current liabilities 10,000 Total current assets Gross Fixed assets 20,000 Long-term debt Total liabilities Accumulated depreciation Net Fixed Assets Intangible assets Total long-term assets TOTAL ASSETS 150,000 OWNERS EQUITY Retained earnings Common stock 150,000 Total owner's equity 70.000 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 2015? W 2. What is amount for Total Liabilities & Owner's Equity for 2016? A 3. What is the amount of current assets in 2015? is the amount for Retained Earnings in the Balance Sheet in 2016? amount for Net Fixed assets in the Balance Sheet in 2015? for Total Owner's Equity in the Balance Sheet for 2015? Long-Term debt in the Balance Sheet in 2015? A 4. What A 5. What is the A 6. What is the amount A/ 7. What is the amount for A