Question 1 Use the data from the following financial statements to answer question 1: Partial Income Statement Year Ending 2011 Sales Revenue $350,000 COGS $140,000 Fixed Costs $ 43,000 SG&A Expenses $ 28,000 Depreciation $ 46,000 Partial Balance Sheet 12/31/2010 Assets: Liabilities: Cash $ 16,000 Notes Payable $ 14,000 Accounts Rec. $ 28,000 Accounts Payable $ 19,000 Inventories $ 48,000 Long-Term Debt $190,000 Fixed Assets $368,000 Owners Equity: Acc. Depreciation $142,000 Retained Earnings $ ??????? Intangible Assets $ 82,000 Common Stock $130,000 Partial Balance Sheet 12/31/2011 Assets: Liabilities: Cash $ 26,000 Notes Payable $ 12,000 Accounts Rec. $ 19,000 Accounts Payable $ 24,000 Inventories $ 53,000 Long-Term Debt $162,000 Fixed Assets $448,000 Owners Equity: Acc. Depreciation $ ??????? Retained Earnings $ ?????? Intangible Assets $ 82,000 Common Stock $180,000 a) Complete the partial income statement if the company paid interest expense of $18,000 for 2011 and had an overall tax rate of 40% for 2011. b) What are the net fixed assets for the years 2010 and 2011? 2