Question: PLEASE HELP! 1. what is thw amount for notes payable in 2016? 2. what is the amount for common equity for 2016? 3. what is


Income Statement year ending 2016 Sales Revenues Cost of goods sold Fixed costs Selling, general, and administrative expenses Depreciation $1,000,000 650,000 100,000 25,000 20,000 EBIT Interest expense Taxable Income 200,000 Taxes Net Income 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 200,000 Common stock 300.000 0 Total owner's equity $715,000 TOTAL LIABILITIES & OWNER'S EQUITY $715,000 (1) 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 TOTAL 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
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