Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales $48,200 Costs 34,000 Taxable income Taxes (23%) $ 14,200 3,266 Net income $ 10,934 Dividends Addition to retained earnings $3,600 7,334 ces 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.) 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.) nces HEIR JORDAN CORPORATION Balance Sheet Percentage of Sales Liabilities and Owners' Equity 4 Current liabilities Accounts payable Notes payable Percentage of Sales Assets Current assets Cash Accounts receivable Inventory Total $ $ 2,350 5,300 9,000 16,650 4,000 8.200 $ 12,200 $ $ 21,000 Fixed assets Net plant and equipment $ 37,200 Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity $ 12,000 8,650 20.550 53,850 $ Total assets $ 63,850 Saved 8 Consider the following Income statement for the Heir Jordan Corporation: 75 Sints HEIR JORDAN CORPORATION Income Statement Sales $48,200 Costs 34,000 Taxable income Taxes (23%) $ 14,200 3,266 eBook Net income $ 10,934 Hint Dividends Addition to retained earnings $3,600 7,334 Print