Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales $ 53,000 Costs 40,900 Taxable income Taxes (22%) $ 12,100 2,662 Net income $9,438 Dividends $3,500 Addition to retained earnings 5,938 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.) Assets Answer is complete but not entirely correct. HEIR JORDAN CORPORATION Balance Sheet Percentage of Sales Liabilities and Owners' Equity Percentage of Sales 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.) Answer is complete but not entirely correct. HEIR JORDAN CORPORATION Balance Sheet Percentage of Sales + Percentage of Sales Assets Current assets Liabilities and Owners' Equity Current liabilities Cash 3,140 5.88 Accounts payable Accounts receivable 4,200 8.74 Notes payable $ 2,600 0.00 5,700 Inventory 6,500 19.23 Total current assets $ 13,840 32.37 Total current liabilities $ 8,300 09 Long-term debt $ 28,000 00 Owners' equity Fixed assets Common stock and paid-in surplus $ 5,000 Net plant and equipment S 43,200 75.74 O Retained eamings 15,740 OO Total owners' equity $ 20,740 Total assets S 57,040 115.28 Total liabilities and owners' equity $ 57,040