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I JUST NEED THE RETAINED EARNINGS AMOUNT Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs $45,900
I JUST NEED THE RETAINED EARNINGS AMOUNT
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs $45,900 35,400 Taxable income Taxes (22%) $10,500 2,310 Net income $ 8,190 $2,510 Dividends Addition to retained 5,680 earnings The balance sheet for the Heir Jordan Corporation follows. The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATION Balance Sheet Assets Liabilities and Owners' Equity Current assets Current liabilities Cash Accounts receivable $ 2,300 Accounts payable $ 4,000 ,200 Notes payable 8100 $ 12,100 $ 21,000 Inventory 8,000 Total Total $15,500 Long-term debt Owners' equity Common stock and paid-in surplus Fixed assets $ 11,000 Net plant and equipment $37,000 Retained earnings 8,400 Total 19,400 Total liabilities and owners' Total assets $52,500 $52,500 equity Prepare a pro forma balance sheet, assuming an increase in sales of 16 percent, no new external debt or equity financing, and a constant payout ratio. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Answer is not complete HEIR JORDAN CORPORATION Pro Forma Balance Sheet Assets Liabilities and Owners' Equity Current assets Current liabilities Cash Accounts receivable Inventory 2,668.00 6,032.00 9,280.00Total 17,980.00 Long-term debt Accounts payable Notes payable 4,640.00 8,100.00 s12,740.00 Total S21,000.00 Owners' equity S11,000.00 9,308.80 Fixed assets Common stock and paid-in surplus Retained earnings Net plant and equipment 42,920.00 Total Total assets $60,900.00Total liabilities and owners' equity Calculate the EFN. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) EFNStep by Step Solution
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