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Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales $ 46,200 Cost 34,200 Taxable income $ 12,000 Taxes
| Consider the following income statement for the Heir Jordan Corporation: |
| HEIR JORDAN CORPORATION Income Statement | |||||||
| Sales | $ | 46,200 | |||||
| Cost | 34,200 | ||||||
| Taxable income | $ | 12,000 | |||||
| Taxes (30%) | 3,600 | ||||||
| Net income | $ | 8,400 | |||||
| Dividends | $ | 2,800 | |||||
| Addition to retained earnings | 5,600 | ||||||
| The balance sheet for the Heir Jordan Corporation follows. |
| HEIR JORDAN CORPORATION Balance Sheet | |||||||
| Assets | Liabilities and Owners | ||||||
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