Question 18 options:

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.

Income Statement year ending 2016
Sales Revenues	$90,000
Cost of goods sold	54,500
Fixed costs
Selling, general, and administrative expenses	18,750
Depreciation	1,000
EBIT	3,750
Interest	0
Taxable Income
Taxes
Net Income
*** Tax rate	20%
Dividens paid	600
Partial Balance Sheet 12/31/2015
ASSETS		LIABILITIES
Current Assets		Current Liabilities
Cash	1,000	Notes payable	1,000
Accounts receivable		Accounts payable	6,800
Inventories	5,000	Total current liabilities
Total current assets		Long-term debt
		Total Liabilities
Gross Fixed assets	90,000	OWNERS EQUITY
Accumulated depreciation	10,000	Retained earnings (1)	11,200
Net Fixed assets		Common stock	50,000
Intangible assets	0	Total owner's equity
TOTAL ASSETS		TOTAL LIABILITIES & OWNERS EQUITY	$91,000
(1) These are cumulative retained earnings but textbook simply calls it retained earnings
Partial Balance Sheet 12/31/2016
ASSETS		LIABILITIES
Current Assets		Current Liabilities
Cash	3,000	Notes payable
Accounts receivable		Accounts payable	8,000
Inventories	8,000	Total current liabilities	10,000
Total current assets	14,000	Long-term debt
Gross Fixed assets		Total liabilities
Accumulated depreciation		OWNERS EQUITY
Net Fixed Assets	69,000	Retained earnings
Intangible assets	0	Common stock	50,000
Total long-term assets	69,000	Total owner's equity
TOTAL ASSETS		TOTAL LIABILITIES & OWNERS 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.

Net Income 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 2016?

5. What is the amount for Gross Fixed assets in the Balance Sheet in 2016?

6. What is the amount for Total Owner's Equity in the Balance Sheet for 2016?

7. What is the amount for Long-Term debt in the Balance Sheet in 2016?