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 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 & OWNERS 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?