Question 13 options:

Balance sheet. Use the data from the financial statements of a company shown below. Use it to answer the 7 questions that follow it. When answering the questions (filling in the blanks), 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.

Income Statement year ending 2016
Sales Revenues	$500,000
Cost of goods sold	355,000
Fixed costs	58,000
Selling, general, and administrative expenses	25,334
Depreciation	20,000
EBIT
Interest expense	0
Taxable Income
Taxes
Net Income	25,000
*** Tax rate	40%
Dividens paid	5,000
Partial Balance Sheet 12/31/2015
ASSETS		LIABILITIES
Current Assets		Current Liabilities
Cash	15,000	Notes payable	10,000
Accounts receivable	35,000	Accounts payable	17,000
Inventories	25,000	Total current liabilities
Total current assets		Long-term debt	118,000
		Total Liabilities
Gross Fixed assets		OWNERS EQUITY
Accumulated depreciation	100,000	Retained earnings (1)	70,000
Net Fixed assets		Common stock	200,000
Intangible assets	0	Total owner's equity
TOTAL ASSETS		TOTAL LIABILITIES & OWNERS EQUITY
(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	2,000	Notes payable	20,000
Accounts receivable	20,000	Accounts payable	20,000
Inventories	28,000	Total current liabilities
Total current assets		Long-term debt	20,000
Gross Fixed assets		Total liabilities	60,000
Accumulated depreciation		OWNERS EQUITY
Net Fixed Assets		Retained earnings	90,000
Intangible assets	0	Common stock	200,000
Total long-term assets		Total owner's equity	290,000
TOTAL ASSETS	$350,000	TOTAL LIABILITIES & OWNERS EQUITY	$350,000

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 EBIT in 2016?

2. What is amount for Total Liabilities & Owner's Equity for 2015?

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 Net 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?