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Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement $49,000 40,300 Sales Cost Taxable income Taxes (22%) $ 8,700 1,914 Net income $ 6,786 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 "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.) X Answer is complete but not entirely correct. HEIR JORDAN CORPORATION $ $ Percentage of Sales Assets Current assets Balance Sheet Percentage of Sales Liabilities and Owners' Equity Current liabilities 6.02 Accounts payable 8.37 Notes payable 13.06 Cash $ 2,950 $ 360.00 2,400 5,400 Accounts receivable 11 X Inventory 4,100 6,400 13,450 Total $ 27.45 Total $ 16 x 7,800 28,000 $ 57 X Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Fixed assets $ 31 x Net plant and equipment $ 41,300 84.29 8 x 15,000 3,950 18,950 54,750 Total $ 39 X Total assets $ 54,750 111.73 Total liabilities and owners' equity $ 112