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 for Cash in the Balance Sheet for 2015? A 7. What is the amount for Current Liabilities in the Balance Sheet in 2015? A/ Income Statement year ending 2016 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 ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Partial Balance Sheet 12/31/2015 LIABILITIES Current Liabilities Notes payable 10,000 35,000 Accounts payable 17.000 25,000 Total current liabilities Long-term debt Total Liabilities 840,000 OWNERS' EQUITY 200.000 Retained earnings (1) 200,000 Common stock 300.000 Total owner's equity S715,000 TOTAL LIABILITIES & OWNER'S EQUITY S715,000 Gross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets TOTAL ASSETS 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 Partial 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