The financial statements of HILDEBRANT Inc. for 20x1 follow: HILDEBRANT Inc. Balance Sheet December 31, 20X1 Cash $ 90 Accounts receivable (net) 225 Other current assets 45 $360 Long-term assets $750 Less: Accumulated depreciation 150 600 Total assets $960 Expenses payable $180 Mortgage payable 360 $540 Common stock $200 Retained earnings 220 420 Total liabilities and equities $960 HILDEBRANT Inc. Income Statement For the Year Ending December 31, 20X1 Revenues $1,000 Expenses 800 Net Income $200 Other information: a. Revenues for 20x2 are expected to increase by 30%. b. Fixed expenses will remain constant at $200; the remaining expenses will continue to vary directly and proportionally with revenues. C. Accounts receivable at December 31, 20X2 are expected to be 10% of 20X2 revenue. d. HILDEBRANT plans a fixed (long-term) asset addition on January 1, 20x2 with a cost of $50. All fixed (long-term) assets have a useful life of 10 years, are depreciated on a straight-line basis and have no anticipated salvage value. e. Expenses payable at December 31, 20X2 are expected to total 30% of total expenses. f. The 20x2 payment on the principal (only) of the mortgage is $50. Activate Windows g. HILDEBRANT Inc. plans to pay a dividend of $40 during 20x2. Go to Settings to activate d. HILDEBRANT plans a fixed (long-term) asset addition on January 1, 20x2 with a cost of $50. All fixed (long-term) assets have a useful life of 10 years, are depreciated on a straight-line basis and have no anticipated salvage va e. Expenses payable at December 31, 20X2 are expected to total 30% of total expenses. f. The 20x2 payment on the principal (only) of the mortgage is $50. g. HILDEBRANT Inc. plans to pay a dividend of $40 during 20x2. h. The "other current assets" at December 31, 20X2 are expected to increase by $15 to $60 at December 31, 20X2 because of the payment (made in 20X2) of an expected 20x3 expense. i During 20X2, common stock was sold for $500. Required: Net income for 20x2 was $ 520 Total assets at December 31, 20X2 were $ 0 Total equities at December 31, 20x2 were $ 0 Total cash receipts from customers for 20x2 were $ 0 Total cash receipts from all sources for 20x2 were $ 0 Total cash payments for expenses during 20x2 were $ 0 Total cash payments for all purposes during 20X2 were $ 0 Assuming that the 20x2 payment of $50 on the mortgage included $15 of interest expense (that is $35 of principal and $15 of interest expense): Total assets at December 31, 20X2 were $ 0 Total cash payments for all purposes during 20x2 were $ 0 Activate W