The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement in the previous problem, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. Put €œn/a€ whereneeded.

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HEIR JORDAN CORPORATION Balance Sheet Assets Liabilities and Owners' Equity Percentage of Sales Percentage of Sales Current assets Current liabilities Cash Accounts receivable Inventory $2,950 4,100 6,400 $13,450 Notes payable Long-term debt Owners' equity Accounts payable 2,400 5,400 7,800 $28,000 Total Total Fixed assets Net plant and equipment $41.300 Common stock and paid-in surplus $15,000 Retained earnings 3,950 $18,950 Total Total liabilities and Total assets $54,750 owners' equity $54,750