Required Informatlon Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2 LO 1-3] The following information applies to the questions displayed below.] The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc. $ 45,000 22,800 103,500 102,800 180,500 Accounts Payable Accounts Receivable Cash (balance on January 1, 2016) Cash (balance on December 31, 2016) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Prepaid Rent Office Expense Retained Earnings (beginning) Salaries and Wages Expense Service Revenue 136,700 10,100 29,500 17,200 23,600 7,000 14,300 6,300 35,700 137,800 25,100 8,000 Utilities Expense Salaries and Wages Payable Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers 21,000 23,500 11,000 41,000 83,200 137,000 A1-4 Part 1 Required: 1-a. What amount of total assets have been financed by the creditors and by the stockholders? Financed by Creditors Financed by Stockholders 1-b. Did Nice Bite rely more on creditors or stockholders for its financing at December 31, 2016? Creditors Stockholders 1-c. What is your information source? Income Statement Statement of Retained Earnings Balance Sheet Statement of Cash Flows PA1-4 Part 2 2-a. What is the amount of retained earnings as of December 31, 2016? Retained earnings as of December 31, 2016 2-b. Did the retained earnings at December 31, 2016, arise primarily from current year earnings or earnings retained from prior years? OArise primarily from current year earnings OEarnings retalned from prior years. Approximately equal amounts of both. 2-c. What is your information source? OIncome Statement OStatement of Retained Earnings O Balance Sheet Statement of Cash Flows