Applying Percentage of Sales The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement in the previous

$$3062$x$\_$Ch$04.$indd $115$

$116$

PART $2$ Financial Statements and Long$-$Term Financial Planning

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

$\backslash$table$[[$Assets$,$Liabilities and Owners' Equity$],[,$$$,\backslash$table$[[$Percentage$],[$of Sales$]],,$$$,\backslash$table$[[$Percentage$],[$of Sales$]]],[$Current assets,,,Current liabilities,,$],[$Cash$,$$$3,650,,$Accounts payable,$$2,900,],[$Accounts receivable,$7,200,,$Notes payable,$7,600,],[$Inventory$,6,300,,$Total,$$10,500,],[$Total$,$$$17,150,,$Long$-$term debt,$$21,000,],[$Fixed assets,,,Owners' equity,,$],[\backslash$table$[[$Net plant and$],[$equipment$]],,,$Commonstock and paid$-$in surplus,$$15,000,$

Please give a proper mathematical solution step by step without using excel