Problem 4-11 EFN and Sales (LO2) Consider the following income statement for the Heir Jordan Corporation HEIR JORDAN CORPORATION Income Statement Sales $48.200 Costs 34.000 Table income $ 14,200 Taxe (23 3266 Net Income $10.934 Dividends Addison 1 retained earnings $ 2.51 8.423 The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATION Balance Sheet Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 2,350 Accounts payable $ 4,000 Accounts receivable 5.300 Notes payable 8,200 Inventory 9.000 Total $ 12,200 Total $ 21,000 $ 16,650 Long-term debt Owners' equity Common stock and paid in surplus $32.200 Retained earnings Fixed assets 12000 8,650 equipment Total $20.650 Total assets $53.850 Total abilities and $53,850 owners' equity Prepare a pro forma balance sheet, assuming an increase in sales of 10 percent, no new external debt or equity financing, and a constant payout ratio Do not found intermediate calculations and round your answers to 2 decimal places, e... 32.16.) Assets Current assets Cach Accounts receivable Inventory Total HEIR JORDAN CORPORATION Pro Forma Balance Sheet Liabilities and Owners' Equity Current abties Accounts payable Notes payable Total Long-term debt lOwners' equity Common stock and paid in surplus Retained earnings Total Total liabilities and owners' equity Fixed assets Net plant and equipment Total assets