Question $25$ 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 & OWNER'S 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

Gross Fixed assets Total liabilities $60,000$

Accumulated depreciation OWNERS' EQUITY

Net Fixed Assets Retained earnings $,$

Intangible assets $0$ Common stock $200,000$

Total long$-$term assets Total owner's equity $290,000$

TOTAL ASSETS 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 $2016?$

$2.$ What is amount for Total Liabilities & Owner's Equity for $2016?$

$3.$ What is the current assets in $2015?$

$4.$ What is the amount for Retained Earnings in the Balance Sheet in $2016?$

$5.$ What is the amount for Gross Fixed Assets in the Balance Sheet in $2015?$

$6.$ What is the amount for Total Owner's Equity in the Balance Sheet for $2015?$

$7.$ What is the amount of total liabilities in the Balance Sheet in $2015?$