The following information has been extracted from the financial statements of a company. 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. Sales Revenues Cost of goods sold Fixed costs Selling, general, and administrative expenses Depreciation EBIT Interest expense Taxable Income Taxes Net Income $1,000,000 650,000 100,000 25,000 20,000 200,000 120,000 *** Tax rate Dividens paid 40% 40,000 Partial Balance Sheet 12/31/2015 TTTTTTTTD *** Tax rate Dividens paid 40% 40,000 ASSETS Current Assets Cash Accounts receivable Inventories Total current assets 10,000 17,000 Partial Balance Sheet 12/31/2015 LIABILITIES Current Liabilities Notes payable 35,000 Accounts payable 25,000 Total current liabilities Long-term debt Total Liabilities 840,000 OWNERS' EQUITY 200,000 Retained earnings Common stock 0 Total owner's equity (1) Gross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets 200,000 300,000 TOTAL ASSETS $715,000 TOTAL LIABILITIES & OWNER'S EQUITY $715,000 30.000 50,000 ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed Assets Intangible assets Total long-term assets Part Balance Sheet 12/31/2016 LIABILITIES Current Liabilities 20,000 Notes payable Accounts payable 40.000 Total current liabilities 100,000 Long-term debt Total liabilities OWNERS' EQUITY 600,000 Retained earnings 0 Common stock 600,000 Total owner's equity TOTAL LIABILITIES & OWNER'S EQUITY TOTAL ASSETS There is no other items in the stock owners section in the balance sheets of 2015 and 2016, There is no issuance of equity in 2016. 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. 6:21P wa 1. What is the amount for Notes Payable in 2016? A 2. What is amount for Common Equity for 2016? A 3. What is the change in retained earnings for 2016? A/4. What is the amount for Long Term Debt in 2016? A 5. What is the amount for Current Assets in the Balance Sheet in 2015? A/6. What is the amount A/7. What is for Cash in the Balance Sheet for 2015? the amount for Current Liabilities in the Balance Sheet in 2015? A Previous Page Next Page Page 1 of 6