Using the following information to construct an income statement and balance sheet for 2020. Assume tax rate is 40%. (Common Equity is a plug in number).

Calculate the firm's Net Income for 2020

Calculate the firm's equity for 2020.

Using the following information to construct an income statement and balance sheet for 2020. Assume tax rate is 40%. (Common Equity is a plug in number). Item 2019 2020 Sales 10,000 12.000 Depreciation 3,000 3,000 Cost of Goods Sold 2,000 2,000 Other Expenses 3,000 4,000 Interest 1,000 1,000 Cash 1,000 1,000 Accounts Receivable 3,000 3,000 S.T. notes payable 1,000 1,000 L.T. Debt 10,000 11,000 L.T. Debt 10,000 11,000 Net Fixed Assets 20,000 20,000 Accounts Payable 2,000 2,000 Inventory 3,000 3,000 Dividends 600 600 Calculate the firm's Net Income for 2020, 2,000 3,600 600 800 1,200 L.I. DeDL 10,UWV 11,uw Net Fixed Assets 20,000 20,000 Accounts Payable 2,000 2,000 Inventory 3,000 3,000 Dividends 600 600 Calculate the firm's equity for 2020. $14,000 $12,000 $15,000 $13,000 $16,000