HEIR JORDAN CORPORATION Income Statement
Sales					$	47,000
Cost						31,300
Taxable income					$	15,700
Taxes (35%)						5,495
Net income					$	10,205
Dividends	$	2,500
Addition to retained earnings		7,705

Balance Sheet Assets Liabilities and Owners' Equity Current assets Current liabilities 2,400 2,950 Accounts payable Cash 5,400 Accounts receivable 4,100 Notes payable 7,800 Inventory 6,400 Total Total 13,450 Long-term debt 28,000 Owners' equity Common stock and paid-in surplus 15.000 Fixed assets Net plant and equipment 41,300 Retained earnings 18,950 Total 54,750 Total liabilities and owners' equity 54,750 Total assets