These are cormulative retained earnings but textbook nimply calls it retained earnings $6,000 3,000 ASSETS Current Assets Caxh Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed Assets Intangible assets Total long-term assets LIABILITIES Current Liabilities $4,000 Notes payable 7,000 Accounts payable 3.000 Total current liabilities Long-term debt 112,000 Total Tibilities OWNERS' EQUITY Retained earnings 0 Common stock Total owner's equity TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY 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. Common stock as of 12/31/2019 is presented here) $120,000 30,000 20,000 25,000 7,000 Sales Revenues Cost of goods sold Fixed costs Selling, general, and administrative expenses Depreciation EBIT Interest expense Taxable income Taxes Net Income 2,000 * Tax rate Dividens paid 20% $1000 ASSETS Current Assets Cash Accounts receivable Inventories Total current assets 55,000 2.000 Partial Balance Sheet 12/31/2019 LIABILITIES Current Liabilities $4,000 Notes payable 8,000 Accounts payable 5.000 Total current liabilities Long-term debt Total Liabilities 61,000 OWNERS' EQUITY 14.000 Retained earnings (1) Common stock 0 Total owner's equity 21,000 Gross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets 25,000 TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY