DHomework Chapter 4 x Cezto.m com/hm.tpx Principles of Accounting and Finance: FI305- AL1: Summer 2018 Chad Hillyer Homework: Chapter 4 instructions I help Question 15 (of 15) Save&Exit Submit 10.00 points Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs S47,900 33,900 Taxable income Taxes (35%) $ 14,000 4,900 Net income S 9.100 Dividends Addition to retained eamings $ 2,300 6,800 The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement, supply the missing information using the peroentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not (Leave no cells blank be certain to enter " 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 DHomeworkc Chapter 4 ? > C D ezto.rnheducation.com/hm.tpx 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 of Sales Assets Liabilities and Owners Equity Current liabilities Current assets Cash Accounts receivable Inventory $ 2,200 5,000 8,000 Accounts payable Notes payable S 4,000 5,100 Total $15.200 Total 9.100 S 22,000 Common stock and paid-in surplus 18,000 Long-term debt Owners' equity Retained earnings 2.700 Fixed assets Net plant and equipment $36,600 Total $ 20,700 Total assets $51,800 Total liabilities and owners' equity $ 51,800 Hints References eBook & Resources