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$90 54 Come Statement year 2016 Sales Revenues Cost of goods sold Fixed costs Selling, general, and administrative expenses Depreciation |EBIT 12 18 Taxable income Taxes Net Income *** Tax rate: 20% Dividens pard: $2 ASSETS Current Assets Cash Partial Balance Sheet 12/31/2015 LIABILITIES Current Liabilities Notes payable 2 ASSETS Current Assets Cash $ Accounts receivable Inventories Total current assets Pattial Balance Sheet 12/31/2015 LIABILITIES Current Liabilities 2 Notes payable 5 Accounts payable 5 Total current liabilities Long-term debt Total Liabilities 90 OWNERS' EQUITY 10 Retained earnings Common stock o Total owner's equity TOTAL LIABILITIES & OWNER'S EQUITY Gross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets 10 50 TOTAL ASSETS (U These are cumulative retained earnings but textbook timply calls it retained earnings Partial Balance Sheet 12/31 2016 ASSETS Current Assets LIABILITIES Current Liabilities (1) These are cumulative retained earnings but textbook timply calls it retained earnings 10 ASSETS Current Assets Cash Accounts receivable Inventories Total current assets Gross Fixed assets Accumulated depreciation Net Fixed Assets Intangible assets Total long-term assets Partial Balance Sheet 12/31/2016 LIABILITIES Current Liabilities Notes payable Accounts payable 8 Total current liabilities Long-term debt Total liabilities OWNERS' EQUITY 69 Retained earnings 0 Common stock Total owner's equity TOTAL ASSETS 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 Net Income in 2016? A 2. What is the amount for Retained Earnings in the Balance Sheet in 2016? A 3. What is amount for Total Liabilities & Owner's Equity for 2016? AJ 4. What is the current assets in 2015? A 5. What is the amount for Total Owner's Equity in the Balance Sheet for 2015? 6. What is the amount for Long-Term debt in the Balance Sheet in 2015? 4/7. What is the amount for Net Fixed assets in the Balance Sheet in 2015? A/

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