Question
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales $ 47,900 Costs 33,900 Taxable income $ 14,000 Taxes
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales $ 47,900 Costs 33,900 Taxable income $ 14,000 Taxes (22%) 3,080 Net income $ 10,920 Dividends $ 3,300 Addition to retained earnings 7,620 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.)
1.75 points Skipped Percentage of Sales HEIR JORDAN CORPORATION Balance Sheet Percentage of Sales Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable eBook Hint $ Assets Current assets Cash Accounts receivable Inventory Total $ 4,000 5.100 Print 2,200 5,000 8,000 15,200 References $ $ $ 9,100 22,000/ Fixed assets Net plant and equipment Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings $ 36,600 $ 18,000 2,700 20,700 51,800 Total Total assets $ 51,800 Total liabilities and owners' equity $
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