(Estimated time allowance: 5 minutes) Use the data from the financial statements of a company shown here (or in excel) to answer the question below (bottom of last financial statement). To get the data below and answer the questions, you can do one of the following approaches: 1. Use the screen image shown 2. Position cursor any place in the image, double click and select all; copy and paste into an excel file 3. Click here for a formatted excel version (need to update numbers to the ones presented here) Income Statement year ending 2020 Sales Revenues $130,000 Cost of goods sold 43,000 Fixed costs 15,000 Selling, general, and administrative expenses 25,000 Depreciation 7,000 EBIT Interest expense 2,000 Taxable income Taxes Net Income *** Tax rate Dividens paid 40% S1000 ASSETS Current Assets Cash Accounts receivable Inventories Total current assets $4,000 8,000 Partial Balance Sheet 12/31/2019 LIABILITIES Current Liabilities $3,000 Notes payable 7.000 Accounts payable 8.000 Total current liabilities Long-term debt Total Liabilities 60,000 OWNERS' EQUITY 11.000 Retained earnings 1) Common stock Total owner's equity 19,000 Gross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY (1) These are cumulative retained earnings but textbook simply calls it retained earnings ASSETS Current Assets Cash Accounts receivable Inventories $8,000 5,000 Partial Balance Sheet 12/31/2020 LIABILITIES Current Liabilities $3,000 Notes payable 7,000 Accounts payable 8.000 Total current liabilities Long-term debt 89,000 Total liabilities OWNERS' EQUITY Retained earnings 0 Common stock Total owner's equity Total current assets 20,000 Gross Fixed assets Accumulated depreciation Net Fixed Assets Intangible assets Total long-term assets TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY 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. Current Assets as of 12/31/2019 is Your