Consider the following income statement for the Heir Jordan Corporation: Sales Costs HEIR JORDAN CORPORATION Income Statement $48,500 34,500 Taxable income Taxes (25%) $ 14,000 3,500 Net income $ 10,500 $3,900 Dividends Addition to retained earnings 6,600 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.) Percentage of Sales Assets HEIR JORDAN CORPORATION Balance Sheet Percentage of Sales Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Current assets Cash $ 2,500 $ 2,400 Accounts receivable 3,900 5,000 Inuantan annn 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.) Percentage of Sales Assets HEIR JORDAN CORPORATION Balance Sheet Percentage of Sales Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Current assets Cash $ 2,500 $ 2,400 Accounts receivable 3,900 5,000 9,000 Inventory Total $ 15,400 $ 7,400 $ 24,000 Fixed assets Net plant and equipment $ 37,800 Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity $ 15,000 6,800 $ $ 21,800 53,200 Total assets $ 53,200