Chapter 04 - Long-Term Financial Planning And Growth - HW 02 Problem 3-28 Staten Saved Chapter 04 - Long-Term Financial Planning And Growt... 1 Problem 4-10 Applying Percentage of Sales (LO1) 10 points Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales $46,500 Costs 36,100 Taxable income $ 10,400 Taxes (30%) 3,120 Net income $ 7,280 eBook Hint Print Dividends Addition to retained earnings $3,100 4,180 References The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. (Leave no cells blank - be certain to enter "O" whenever the item is not a constant percentage of sales. Enter each answer as a percent rounded 2 decimal places, e.g.. 32.16.) HFIR IORRAN CORPORATION HEIR JORDAN CORPORATION Balance Sheet Percentage of Sales Percentage of Sales Assets Current assets Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Cash Accounts receivable Inventory $ 2,600 3,700 9,000 $ 2,400 5,200 Total $ 15,300 Total $ 7,600 $24,000 Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings $ 17,000 4,900 |0|0 1000 Fixed assets Net plant and equipment $38,200 Total $ 21,900 Total assets $53,500 Total liabilities and owners' equity $53,500 Prev 1 of 3 Next >