Question 18 (12 points) Listen 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 Taxable Income Taxes Net Income ***Tax rate Dividens paid D0 D0Dress Be 25,000 40% 5,000 MacBook Air 8,0n # 3 54 $ % 5 &7 E R T Y D F G H D B 4 P 61 K 1 0 L - C V B N M V 36 V Dividens paid 5,000 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 15,000 Notes payable 10,000 35,000 Accounts payable 17.000 25.000 Total current liabilities 118.000 Total Liabilities OWNERS' EQUITY Long-term debt 100.000 Retained earnings (1) Common stock Total owner's equity TOTAL LIABILITIES & OWNER'S EQUITY These are cumulative retained earnings but textbook simply calls it retained earnings Partial Balance Sheet 12/31/2016 70,000 200.000 ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Gross Fixed assets Dooreen B 80 P 288 E 54 R % 85 LIABILITIES Current Liabilities 2,000 Notes payable 20,000 20,000 Accounts payable 20.000 28.000 Total current liabilities Long-term debt Total liabilities 60.000 MacBook Air 9 T Y &7 U D F G H CV 8 L 9 1 01 O K L B N M P " " 13 (1) These are cumulative retained earnings but textbook simply calls it retained earnings ASSETS Partial Balance Sheet 12/31/2016 LIABILITIES Current Liabilities Current Assets Cash Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed Assets Intangible assets Total long-term assets TOTAL ASSETS 2,000 Notes payable 20,000 20,000 Accounts payable 20.000 28.000 Total current liabilities Long-term debt Total liabilities 60,000 OWNERS EQUITY Retained earnings Common stock 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 EBIT in 2016? A 2. What is amount for Total Liabilities & Owner's Equity for 2016? 200.000 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? A 2. What is amount for Total Liabilities & Owner's Equity for 2016? A 3. What is the current assets in 2015? is the amount for Retained Earnings in the Balance Sheet in 2016? What is the amount for Gross Fixed Assets in the Balance Sheet in 2016? A 4. What A 5. A 6. What is the amount for Total Owner's Equity in the Balance Sheet for 2015? A 7. What is the amount of total liabilities in the Balance Sheet in 2015? A/ Next Page Previous Page Page 7 of 9