Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales $45,600 35,200 Costs Taxable income $10,400 2,392 Taxes (23%) $ 8,008 Net income $3,200 Dividends Addition to retained 4,808 earnings 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.) HEIR JORDAN CORPORATION Balance Sheet Percentage of Sales Percentage of Sales Liabilities and Owners' Equity Current liabilities Assets Current assets Cash 2,150 4,70 Accounts payable 2,400 5.30 Notes payable Accounts receivable 4,900 10.70 5,000 11x 17.50 Inventory 8,000 33.00 Total 7,400 16 15,050 Total 48 x Long-term debt 22,000 Fixed assets Owners' equity Common stock and paid-in surplus 37 Net plant and equipment $ 36,400 79.80 17,000 Retained earnings 5,050 11 48 x Total 22,050 51,450 112.80 Total liabilities and owners' equity 51,450 113 Total assets X