20 QUESTION 18 Below are the financial statements for Link Inc. No dividends were paid. No new stock was sold during the year. INCOME STATEMENT Revenue $100 COGS 38 Depreciation 2 Gross Margin $55 Expenses 25 EBIT 530 Interest 10 EBT $20 Tax 5 EAT $15 BALANCE SHEET ASSETS Cash Accts Receivable Inventory Current Assets Fixed Assets Beginning 10 $30 Gross 100 (10) $90 Accum Depreciation Net Fixed Assets **** Total Assets $120 LIABILITIES & EQUITY Accts Pay Accruals Current Liabilities Long Term Debt Ending Equity Total Liabilities & Equity $120