Projected Spontaneous Liabilities Smiley Corporation's current sales and partial balance sheet are shown below. This year Sales $ 10,000 Balance Sheet: Liabilities Accounts payable $ 2,000 Notes payable $ 1,500 Accruals $ 1,000 Total current liabilities $ 4,500 Long-term bonds $ 2,000 Total liabilities $ 6,500 Common stock $ 2,000 Retained earnings $ 2,500 Total common equity $ 4,500 Total liabilities & equity $ 11,000 Sales are expected to grow by 8% next year. A