Using the data in the incomplete financial statements below, determine/compute all blanks. The FIB only asks for some of those missing items. This is a comprehensive problem but a question or two can be extracted to make a level II or level III problem There are examples of this type after this problem Income Statement year ending 2016, Sales Revenues 590 Cost of goods sold 34 Fixed costs Depreciation 12 Selling, general, and administrative expenses IN EBIT Taxable Income Taxes Net Income ***Tax rate Dividens paid ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets TOTAL ASSETS 20% Partial Balance Sheet 12/31/2015 LIABILITIES Current Liabilities Notes payable Accounts payable STotal current liabilities Long-term debt Total Liabilities 90OWNERS EQUITY 10 Retained earnings (3 Common stock Total owner's equity TOTAL LIABILITIES & OWNER'S EQUITY These are cumulative retained earnings but textbook simply calls it retained eamings ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed Assets Intangible assets. Total long-term assets TOTAL ASSETS Partial Balance Sheet 12/31/2016 1. What is the net income for 2016? LIABILITIES Current Liabilities Notes payable Accounts payable Total current liabilities 15 Long-term debe Total liabilities OWNERS' EQUITY 69 Retained earnings Common stock 69Total owner's equity TOTAL LIABILITIES & OWNER'S EQUITY A 2. What is the amount of long-term debt in 2015? A 3. How much is total assets in 2016? 4. What is net capital spending (NCS) in 2016? A 5. What is CFFA in 2016? Louell " 10