Use the following information and the percent-of-sales method to answer the following question(s).

Below is the 2017 year-end balance sheet for Smith, Inc. Sales for 2017 were $1,600,000 and are expected to be $2,000,000 during 2018. In addition, we know that Smith plans to pay $90,000 in 2018 dividends and expects projected net income of 4% of sales. (For consistency with the Answer selections provided, round your forecast percentages to two decimals.)

Smith, Inc. Balance Sheet

December 31, 2017

Assets:

Current assets $890,000

Net fixed assets 1,000,000

Total $1,890,000

Liabilities and Owners' Equity:

Accounts payable $160,000

Accrued expenses 100,000

Notes payable 700,000

Long-term debt 300,000

Total liabilities 1,260,000

Common stock (plus paid-in capital) 360,000

Retained earnings 270,000

Common equity 630,000

Total 1,890,000

Calculate the following and show all working:

1. Smiths projected current assets for 2018.
2. Smiths projected fixed assets for 2018.
3. Smiths projected accounts payable balance for 2018.
4. Smiths projected accrued expenses for 2018.
5. Smiths projected long-term debt for 2018.