20.

Balance sheet. Use the data from the financial statements of a company shown below. 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.

Income Statement year ending 2016
Sales Revenues	$90
Cost of goods sold	54
Fixed costs	12
Selling, general, and administrative expenses	18
Depreciation	1
EBIT
Taxable Income
Taxes
Net Income
*** Tax rate:	20%
Dividens paid:	$2
Partial Balance Sheet 12/31/2015
ASSETS		LIABILITIES
Current Assets		Current Liabilities
Cash	$ 2	Notes payable	$ 1
Accounts receivable	5	Accounts payable	6
Inventories	5	Total current liabilities
Total current assets		Long-term debt
		Total Liabilities
Gross Fixed assets	90	OWNERS EQUITY
Accumulated depreciation	10	Retained earnings (1)	10
Net Fixed assets		Common stock	50
Intangible assets	0	Total owner's equity
TOTAL ASSETS		TOTAL LIABILITIES & OWNERS EQUITY
(1) These are cumulative retained earnings but textbook simply calls it retained earnings
Partial Balance Sheet 12/31/2016
ASSETS		LIABILITIES
Current Assets		Current Liabilities
Cash	$ 4	Notes payable
Accounts receivable		Accounts payable	8
Inventories	8	Total current liabilities	10
Total current assets		Long-term debt
Gross Fixed assets		Total liabilities
Accumulated depreciation		OWNERS EQUITY
Net Fixed Assets	69	Retained earnings
Intangible assets	0	Common stock	50
Total long-term assets		Total owner's equity
TOTAL ASSETS		TOTAL LIABILITIES & OWNERS EQUITY

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.

Net Income in 2016?

2. What is the amount for Retained Earnings in the Balance Sheet in 2016?

3. What is amount for Total Liabilities & Owner's Equity for 2016?

4. What is the current assets in 2015?

5. What is the amount for Total Owner's Equity in the Balance Sheet for 2015?

6. What is the amount for Long-Term debt in the Balance Sheet in 2015?

7. What is the amount for Net Fixed assets in the Balance Sheet in 2015?