Question 18 3 pts The following 10 questions pertain to "Cline Custome Bikes" their income statement and balance sheet. Note I've provided the link to the Income Statement & Balance Sheet in this question is you haven't already downloaded it from Course Docs. 2-3-1: What was their depreciation expense for 2000? Income Statement Cline Custom Bikes Income Statement ($000) For year ended December 31, 2000 $2,200 $1,420 $ 780 Sales revenue Less Cost of goods sold Gross profit Less operating expenses Selling expense G&A Depreciation Total operating expenses Operating profits Less interest expense Net profit before tax Less taxes (30%) Net profit after tax $300 $270 $ 30 $ 600 $ 180 $ 29 $ 151 $45 $ 106 I Statement of Retained Earnings Retained Earnings balance (Jan 1 2000) Plus: net profit after tax (for 2000) Less cash dividends on common $ 80 106 (26) Retained Earnings balance (Dec 31, 2000) $ 110 Balance Sheet (5000) December 31 Assets 2000 1999 Current assets Cash Marketable Securities Accounts receivable Inventory Total Current Assets Gross Fixed Assets Less accumulated depreciation Net fixed assets $ 30 10 320 460 $820 $ 560 $ 180 $ 380 $ 50 20 350 320 $ 740 $ 520 $ 150 $ 370 Total Assets $1,200 $1,110 Liabilities & stockholders' equity Current liabilities Accounts payable Notes payable Accruals Total current liabilities $ 390 $ 110 $20 $ 840 $ 320 $90 S20 $ 780 Stockholders' Equity Common stock (500,000 shares. $0.20 par) Pald in capital in excess of par Retained earnings Total stockholders' equity $ 100 $ 150 $ 119 $.369 $ 100 $ 150 $80 $ 330 Total abilities & stockholders' equity $1,200 $1,110 30 co ty SD