Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales $49,000 Cost 40,300 Taxable income $ 8,700 Taxes (22%) 1.914 Net income $ 6,786 5 Dividends Addition to retained earnings $2,400 4,386 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 "0" 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 Liabilities and Owners' Equity $ $ Percentage of Sales Assets 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 "0" 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 $ HEIR JORDAN CORPORATION Balance Sheet Percentage of Sales Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable $ $ Assets Current assets Cash Accounts receivable Inventory Total 2,400 5,400 2.950 4,100 6,400 13.450 $ $ $ 7,800 28,000 Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity $ Fixed assets Net plant and equipment $ 41,300 15.000 3,950 18,950 54,750 $ $ Total assets $ 54,750