1) Berman & Jaccor Corporation's current sales and partial balance sheet are shown below. This year Sales $ 1,000 Balance Sheet: Assets Cash $ 150 Short-term investments $ 95 Accounts receivable $ 200 Inventories $ 300 Total current assets $ 745 Net fixed assets $ 500 Total assets $ 1,245 Sales are expected to grow by 14% next year. Assuming no change in operations from this year to next year, what are the projected total operating assets? Do not round intermediate calculations. Round your answer to the nearest dollar.

2)Smiley Corporation's current sales and partial balance sheet are shown below.

	This year
Sales		$	10,000
Balance Sheet: Liabilities
Accounts payable		$	1,000
Notes payable		$	2,000
Accruals		$	1,600
Total current liabilities		$	4,600
Long-term bonds		$	2,000
Total liabilities		$	6,600
Common stock		$	2,000
Retained earnings		$	2,000
Total common equity		$	4,000
Total liabilities & equity		$	10,600

Sales are expected to grow by 12% next year. Assuming no change in operations from this year to next year, what are the projected spontaneous liabilities? Do not round intermediate calculations. Round your answer to the nearest dollar.

3) At year-end 2019, Wallace Landscapings total assets were $1.79 million, and its accounts payable were $315,000. Sales, which in 2019 were $2.9 million, are expected to increase by 20% in 2020. Total assets and accounts payable are proportional to sales, and that relationship will be maintained. Wallace typically uses no current liabilities other than accounts payable. Common stock amounted to $625,000 in 2019, and retained earnings were $290,000. Wallace has arranged to sell $50,000 of new common stock in 2020 to meet some of its financing needs. The remainder of its financing needs will be met by issuing new long-term debt at the end of 2020. (Because the debt is added at the end of the year, there will be no additional interest expense due to the new debt.) Its net profit margin on sales is 7%, and 45% of earnings will be paid out as dividends.

1. What was Wallace's total long-term debt in 2019? Do not round intermediate calculations. Enter your answer in dollars. For example, an answer of $2 million should be entered as 2,000,000. Round your answer to the nearest dollar.

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   What were Wallace's total liabilities in 2019? Do not round intermediate calculations. Enter your answer in dollars. For example, an answer of $2 million should be entered as 2,000,000. Round your answer to the nearest dollar.

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2. How much new long-term debt financing will be needed in 2020? (Hint: AFN - New stock = New long-term debt.) Do not round intermediate calculations. Enter your answer in dollars. For example, an answer of $2 million should be entered as 2,000,000. Round your answer to the nearest dollar.

   $