$1,000 FXD (re /300 The financial statements of the ASTROS COMPANY for 20X1 follow: ASTROS COMPANY Balance Sheet December 31, 20x1 $90 225 Accounts receivable (net). Other current assets Long-term assets 45. $360 $750 Less: Accumulated depreciation.150 Total assets $960 Accounts payable 180 ""'" Mortgage payable. 360 $540 22 420 960 Retained earnings Total liabilities and equities ASTROS COMPANY Income Statement For the Year Ending December 31, 20x1 Revenues Expenses $1,600 s 400 Net Income Other information a. Revenues for 20X2 are expected to decrease by 10%. b. Fixed expenses will remain constant at $200: the remaining expenses will continue to vary directly and proportionally with revenues C. Accounts receivable at December 31, 20X2 are expected to be 10% of 20X2 revenue. d. ASTROS plan a fixed (long-term) asset addition on January 1, 20X2 with a cost of $50 All fixed (long-term) assets have a useful life of 10 years, are depreciated on a straight- line basis and have no anticipated salvage value e. Accounts payable at December 31, 20X2 are expected to be 10% of total expenses $1,000 FXD (re /300 The financial statements of the ASTROS COMPANY for 20X1 follow: ASTROS COMPANY Balance Sheet December 31, 20x1 $90 225 Accounts receivable (net). Other current assets Long-term assets 45. $360 $750 Less: Accumulated depreciation.150 Total assets $960 Accounts payable 180 ""'" Mortgage payable. 360 $540 22 420 960 Retained earnings Total liabilities and equities ASTROS COMPANY Income Statement For the Year Ending December 31, 20x1 Revenues Expenses $1,600 s 400 Net Income Other information a. Revenues for 20X2 are expected to decrease by 10%. b. Fixed expenses will remain constant at $200: the remaining expenses will continue to vary directly and proportionally with revenues C. Accounts receivable at December 31, 20X2 are expected to be 10% of 20X2 revenue. d. ASTROS plan a fixed (long-term) asset addition on January 1, 20X2 with a cost of $50 All fixed (long-term) assets have a useful life of 10 years, are depreciated on a straight- line basis and have no anticipated salvage value e. Accounts payable at December 31, 20X2 are expected to be 10% of total expenses