10. Applying Percentage of Sales [LO1] The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement in the previous problem, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. Put "n/a" where needed. HEIR JORDAN CORPORATION Balance Sheet Assets Liabilities and Owners' Equity $ Percentage of Percentage of Sales Sales Current assets Current liabilities Cash $ 2,950 Accounts payable $ 2,400 Accounts receivable 4,100 Notes payable 5.400 Inventory 6,400 Total $ 7,800 Total $13,450 Long-term debt $28,000 Fixed assets Net plant and $41,300 Owners' equity Common stock and $15,000 equipment paid-in surplus Retained earnings 3,950 Total $18,950 Total assets $54.750 Total liabilities and owners' equity $54.750 10. Applying Percentage of Sales [LO1] The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement in the previous problem, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. Put "n/a" where needed. HEIR JORDAN CORPORATION Balance Sheet Assets Liabilities and Owners' Equity $ Percentage of Percentage of Sales Sales Current assets Current liabilities Cash $ 2,950 Accounts payable $ 2,400 Accounts receivable 4,100 Notes payable 5.400 Inventory 6,400 Total $ 7,800 Total $13,450 Long-term debt $28,000 Fixed assets Net plant and $41,300 Owners' equity Common stock and $15,000 equipment paid-in surplus Retained earnings 3,950 Total $18,950 Total assets $54.750 Total liabilities and owners' equity $54.750