Income Statement year ending $2016$

Sales Revenues $$500,000$

Cost of goods sold $355,000$

Fixed costs $58,000$

Selling, general, and administrative expenses $25,334$

Depreciation $20,000$

EBIT

Interest expense $0$

Taxable Income

Taxes

Net Income $25,000$

$***$ Tax rate $40\%$

Dividens paid $5,000$

Partial Balance Sheet $12/31/2015$

ASSETS LIABILITIES

Current Assets Current Liabilities

Cash $15,000$ Notes payable $10,000$

Accounts receivable $35,000$ Accounts payable $17,000$

Inventories $25,000$ Total current liabilities

Total current assets Long$-$term debt $118,000$

Total Liabilities

Gross Fixed assets OWNERS' EQUITY

Accumulated depreciation $100,000$ Retained earnings $(1)70,000$

Net Fixed assets Common stock $200,000$

Intangible assets $0$ Total owner's equity

TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY

$(1)$ 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 $2,000$ Notes payable $20,000$

Accounts receivable $20,000$ Accounts payable $20,000$

Inventories $28,000$ Total current liabilities

Total current assets Long$-$term debt

Gross Fixed assets Total liabilities $60,000$

Accumulated depreciation OWNERS' EQUITY

Net Fixed Assets Retained earnings

Intangible assets $0$ Common stock $200,000$

Total long$-$term assets Total owner's equity

TOTAL ASSETS TOTAL LIABILITIES & OWNER'S EQUITY $1.$ What is the EBIT 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 Net Fixed Assets in the Balance Sheet in $2015?$

$6.$ 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 $2016?$