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At year-end 2019, Wallace Landscaping's total assets were $2.44 million, and its accounts payable were $460,000. Sales, which in 2019 were are expected to increase
At year-end 2019, Wallace Landscaping's total assets were $2.44 million, and its accounts payable were $460,000. Sales, which in 2019 were are expected to increase by 25% in 2020 . Total assets and accounts payable are proportional to sales, and that relationship will be maintained. Wastere typically uses no current liabilities other than accounts payable. Common sto $235, 2000 . debt.) Its net profit margin on sales is 5%, and 55% of earnings will be paid out as dividends. a. What was Wallace's total long-term debt in 2019? Do not round intermediate calculations. Enter your answer in dollars. For answer million should be entered as 2,000,000. Round your answer to the nearest dollar. $ What were Wallace's total liabilities in 2019? Do not round intermediate calculations. Enter your answer in dollars. For example, an answer should be entered as 2,000,000. Round your answer to the nearest dollar. $ b. How much new long-term debt financing will be needed in 2020? (Hint: AFN - New stock = New long-term debt.) Do not round intermediate cations. Enter your answer in dollars. For example, an answer of $2 million should be entered as 2,000,000. Round your answer the no
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