Question: Monarch Textiles, Inc. ($ thousands) Income statement Selected balance sheet items 2017 2016 2017 Sales 1,520 Current assets 440 610 Cost of sales 840

Monarch Textiles, Inc. ($ thousands) Income statement Selected balance sheet items 2017 2016 2017 Sales 1,520 Current assets 440 610 Cost of sales 840 Net fixed assets 156 312 Operating expenses 170 Current liabilities 270 350 Depreciation 78 Interest expense 50 Earnings before taxes 382.00 Tax 152.80 Net income 229.20

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