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Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs Taxable income Taxes (23%) Net income Dividends
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs Taxable income Taxes (23%) Net income Dividends $ 48,200 34,000 $14,200 3,266 $10,934 $2,600 8,334 Addition to retained earnings The projected sales growth rate is 14 percent. Prepare a pro forma income statement assuming costs vary with sales and the dividend payout ratio is constant. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) Sales HEIR JORDAN CORPORATION Pro Forma Income Statement Costs Taxable income Taxes Net income .
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