Smiley Corporation’s current sales and partial balance sheet are shown here. Sales are expected to grow by 10% next year. Assuming no change in operations from this year to next year, what are the projected spontaneous liabilities?
                                                                        This year
Sales ............................................................. $10,000
Balance Sheet: Liabilities
Accounts payable ........................................ $ 1,000
Notes payable ............................................. $ 2,000
Accruals ....................................................... $ 1,000
Total current liabilities ............................... $ 4,000
Long-term bonds ........................................ $ 2,000
Total liabilities ............................................. $ 6,000
Common stock ............................................ $ 1,000
Retained earnings ...................................... $ 3,000
Total common equity ................................. $ 4,000
Total liabilities & equity ............................. $10,000