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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.

1. Net Income in 2016?

2. What is amount for Total Liabilities & Owner's Equity for 2016?

3. What is the 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?

$90,000 54,5001 Income Statement year ending 2016 Sales Revenues Cost of goods sold Fixed costs Selling, general, and administrative expenses Depreciation EBIT Interest Taxable Income Taxes Net Income 18,750 1,000 3,750 0 *** Tax rate Dividens paid 20% 600 ASSETS Current Assets Cash Accounts receivable Inventories Total current assets 1,000 6,800 Partial Balance Sheet 12/31/2015 LIABILITIES Current Liabilities 1,000 Notes payable Accounts payable 5,000 Total current liabilities Long-term debt Total Liabilities 90,000 OWNERS' EQUITY 10,000 Retained earnings (1) Common stock 0 Total owner's equity TOTAL LIABILITIES & OWNER'S EQUITY Gross Fixed assets Accumulated depreciation Net Fixed assets Intangible assets 11,200 50,000 TOTAL ASSETS $91,000 (1) These are cumulative retained earnings but textbook simply calls it retained earnings 8,000 10,000 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 3,000 Notes payable Accounts payable 8,000 Total current liabilities 14,000 Long-term debt Total liabilities OWNERS' EQUITY 69,000 Retained earnings Common stock 69,000 Total owner's equity TOTAL LIABILITIES & OWNER'S EQUITY 50,000 TOTAL ASSETS

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