Consider the following income statement for the Heir Jordan Corporation:

HEIR JORDAN CORPORATION

Income Statement

Sales $ $47,200$

Costs $35,200$

Taxable income $ $12,000$

Taxes $(23\%)2,760$

Net income $ $9,240$

Dividends $ $2,700$

Addition to retained earnings $6,540$

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.

Note: Leave no cells blank $-$ be certain to enter $"0"$ whenever the item is not a constant percentage of sales. Enter each answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

HEIR JORDAN CORPORATION

Balance Sheet

Percentage

of Sales Percentage

of Sales

Assets Liabilities and Owners$$ Equity

Current assets Current liabilities

Cash $$3,100$ Accounts payable $$2,400$

Accounts receivable $4,400$ Notes payable $4,200$

Inventory $6,400$

Total current assets $$13,900$ Total current liabilities $$6,600$

Long$-$term debt $$25,000$

Fixed assets Owners$$ equity

Net plant and equipment $$35,400$ Common stock and paid$-$in surplus $$12,000$

Retained earnings $5,700$

Total owners' equity $$17,700$

Total assets $$49,300$ Total liabilities and owners$$ equity $$49,300$