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Sales Revenues $90,000 Cost of goods sold 54,500 Fixed costs 12,000 Selling, general, and administrative expenses 18,750 Depreciation 2,000 EBIT Interest expense Taxable Income 2,750
Sales Revenues | $90,000 | ||
Cost of goods sold | 54,500 | ||
Fixed costs | 12,000 | ||
Selling, general, and administrative expenses | 18,750 | ||
Depreciation | 2,000 | ||
EBIT | |||
Interest expense | |||
Taxable Income | 2,750 | ||
Taxes | |||
Net Income | 2,200 | ||
*** Tax rate | 20% | ||
Dividens paid | 880 | ||
Partial Balance Sheet 12/31/2015 | |||
ASSETS | LIABILITIES | ||
Current Assets | Current Liabilities | ||
Cash | 2,000 | Notes payable | 2,000 |
Accounts receivable | Accounts payable | 6,800 | |
Inventories | 5,000 | Total current liabilities | |
Total current assets | Long-term debt | ||
Total Liabilities | |||
Gross Fixed assets | 90,000 | OWNERS' EQUITY | |
Accumulated depreciation | 20,000 | Retained earnings (1) | 1,200 |
Net Fixed assets | Common stock | 50,000 | |
Intangible assets | 0 | Total owner's equity | |
TOTAL ASSETS | TOTAL LIABILITIES & OWNER'S EQUITY | $82,000 | |
(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 | 4,000 | Notes payable | |
Accounts receivable | Accounts payable | 8,000 | |
Inventories | 8,000 | Total current liabilities | 11,000 |
Total current assets | 15,000 | Long-term debt | |
Gross Fixed assets | Total liabilities | ||
Accumulated depreciation | OWNERS' EQUITY | ||
Net Fixed Assets | 58,000 | Retained earnings | |
Intangible assets | 0 | Common stock | 50,000 |
Total long-term assets | 58,000 | Total owner's equity | |
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.
2. What is amount for Total Liabilities & Owner's Equity for 2016
5. What is the amount for Gross 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?
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