Question 18 (12 points) E-Il 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. Sales Revenues $500,000 Cost of goods sold 355,000 Fixed costs 58,000 Selling, general, and administrative expenses 25,334 Depreciation 20,000 EBIT Interest expense Taxable Income Taxes Net Income *** Tax rate 40% Dividens paid 5,000 ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets TOTAL ASSETS Partial Balance Sheet 12/31/2015 LIABILITIES Current Liabilities 15,000 Notes payable 35,000 Accounts payable ,M Total current liabilities Long-term debt Total Liabilities OWNERS' EQUITY , Retained earnings (1) Common stock 0 Total owner's equity (1) These are cumulative retained earnings but textbook simply calls it retained earnings 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 Notes payable Accounts payable E,m Total current liabilities Long-term debt Total liabilities OWNERS' EQUITY Retained earnings Common stock Total owner's equity TOTAL LIABILITIES & OWNER'S EQUITY TOTAL LIABILITIES & OWNER'S 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. 1. What is the EBIT in 2016? 2. What is amount for Total Liabilities & Owner's Equity for 2015? 3. What is the change in Retained Earnings from 2015 to 2016? 4. What is the amount for Retained Earnings in the Balance Sheet in in the Balance Sheet in 2016? 13/