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 12,000 Selling, general, and administrative expenses 18,750 Depreciation 2,000 EBIT 18,333 Interest expense 5,000 Taxable Income 2,750 Taxes 3,333 Net Income 2,200 *** Tax rate 20% Dividens paid 880 Partial Balance Sheet 12/31/2015 ASSETS LIABILITIES Current Assets Current Liabilities Cash 2,000 Notes payable 2,000 Accounts receivable Accounts payable 6,800 Inventories 5,000 Total current liabilities Total current assets 15,000 Long-term debt Total Liabilities Gross Fixed assets 90,000 OWNERS' EQUITY Accumulated depreciation 20,000 Retained earnings (1) 1,200 Net Fixed assets Common stock 50,000 Intangible assets 0 Total owner's equity TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY $82,000 (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 4,000 Notes payable Accounts receivable Accounts payable 8,000 Inventories 8,000 Total current liabilities 11,000 Total current assets 15,000 Long-term debt 62,000 Gross Fixed assets Total liabilities Accumulated depreciation OWNERS' EQUITY Net Fixed Assets 58,000 Retained earnings 28,000 Intangible assets 0 Common stock 50,000 Total long-term assets 58,000 Total owner's equity 98,000 TOTAL ASSETS $170,000 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 amount for Total Assets in 2015? 2. What is amount for Total Liabilities & Owner's Equity for 2016? 3. What is the amount of current assets in 2015? 4. What is the amount for Retained Earnings in the Balance Sheet in 2016? 5. What is the amount for Net Fixed assets in the Balance Sheet in 2015? 6. What is the amount for Total Owner's Equity in the Balance Sheet for 2015? 7. What is the amount for Long-Term debt in the Balance Sheet in 2015?