Consider the following income statement for the Heir Jordan Corporation: |
HEIR JORDAN CORPORATION Income Statement |
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Sales | $ | 47,200 | |||||
Costs | 35,200 | ||||||
Taxable income | $ | 12,000 | |||||
Taxes (23%) | 2,760 | ||||||
Net income | $ | 9,240 | |||||
Dividends | $ | 2,502 | |||||
Addition to retained earnings | 6,738 | ||||||
The balance sheet for the Heir Jordan Corporation follows. |
HEIR JORDAN CORPORATION Balance Sheet |
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Assets | Liabilities and Owners’ Equity | ||||||
Current assets | Current liabilities | ||||||
Cash | $ | 3,100 | Accounts payable | $ | 2,400 | ||
Accounts receivable | 4,400 | Notes payable | 4,200 | ||||
Inventory | 6,400 | Total | $ | 6,600 | |||
Total | $ | 13,900 | Long-term debt | $ | 25,000 | ||
Owners’ equity | |||||||
Fixed assets | Common stock and paid-in surplus | $ | 12,000 | ||||
Net plant and equipment | $ | 35,400 | Retained earnings | 5,700 | |||
Total | $ | 17,700 | |||||
Total assets | $ | 49,300 | Total liabilities and owners’ equity | $ | 49,300 | ||
Prepare a pro forma balance sheet, assuming an increase in sales of 12 percent, no new external debt or equity financing, and a constant payout ratio. |
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Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement...
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales $ 47,200 Costs 35,200 Taxable income $ 12,000 Taxes (23%) 2,760 Net income $ 9,240 Dividends $ 2,502 Addition to retained earnings 6,738 The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATION Balance Sheet Assets Liabilities and Owners’ Equity Current assets Current liabilities Cash $ 3,100 Accounts payable $ 2,400 Accounts receivable 4,400 Notes payable 4,200 Inventory 6,400...
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs $47,200 35,200 Taxable income Taxes (23%) $ 12,000 2,760 Net income 9,240 Dividends Addition to retained $2,502 6,738 earnings The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATION Balance Sheet Assets Liabilities and Owners' Equity Current assets Current liabilities Cash Accounts receivable 4,400 Notes payable S 3100 Accounts payable 2,400 4.200 6,600 $25,000 Inventory 6,400 Total Total $ 13,900 Long-term...
Consider the following income statement for the Heir Jordan Corporation: Sales Costs HEIR JORDAN CORPORATION Income Statement $45,300 35.100 Taxable income Taxes (25%) $ 10,200 2,550 Net income $ 7,650 Dividends Addition to retained earnings $2,504 5,146 The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATION Balance Sheet Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 2,000 Accounts payable $ 2.400 Accounts receivable 4,600Notes payable 4,400 Inventory 6,400 Total $ 6,800 Total $ 13,000...
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales $ 46,500 Costs 36,100 Taxable income $ 10,400 Taxes (30%) 3,120 Net income $ 7,280 Dividends $ 3,100 Addition to retained earnings 4,180 The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATION Balance Sheet Assets Liabilities and Owners’ Equity Current assets Current liabilities Cash $ 2,600 Accounts payable $ 2,400 Accounts receivable 3,700 Notes payable 5,200 Inventory 9,000 Total $ 7,600...
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales $ 46,200 Cost 34,200 Taxable income $ 12,000 Taxes (30%) 3,600 Net income $ 8,400 Dividends $ 2,800 Addition to retained earnings 5,600 The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not....
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement $48,200 34,000 Sales Costs Taxable income Taxes (23%) $ 14,200 3,266 Net income $ 10,934 Dividends Addition to retained eamings $ 2,511 8,423 The balance sheet for the Heir Jordan Corporation follows. Assets Current assets Cash Accounts receivable HEIR JORDAN CORPORATION Balance Sheet Liabilities and Owners' Equity Current liabilities $ 2,350 Accounts payable $ 4,000 5,300 Notes payable 8,200 Inventory 9,000 Total $ 12,200 Total...
Consider the following income statement for the Heir Jordan Corporation: 00 Sales HEIR JORDAN CORPORATION Income Statement $46,800 36,200 Costs 12.5 points Taxable income Taxes (35%) $ 10,600 3,710 Net income $ 6,890 eBook Dividends Addition to retained earnings $2,519 4,371 Print References The balance sheet for the Heir Jordan Corporation follows. Assets Current assets Cash Accounts receivable HEIR JORDAN CORPORATION Balance Sheet Liabilities and Owners' Equity Current liabilities $ 2,750 Accounts payable $ 2,400 3,400 Notes payable 5,500 Inventory...
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales $ 43,800 Costs 34,800 Taxable income $ 9,000 Taxes (21%) 1,890 Net income $ 7,110 Dividends $ 2,518 Addition to retained earnings 4,592 The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATION Balance Sheet Assets Liabilities and Owners’ Equity Current assets Current liabilities Cash $ 2,700 Accounts payable $ 2,400 Accounts receivable 3,500 Notes payable 5,400 Inventory 9,000...
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement $45,300 35.100 Sales Costs Taxable income Taxes (259) $10,200 2,550 Net income $ 7,650 Dividends Addition to retained earnings $2,504 5,146 The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATION Balance Sheet Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 2.000 Accounts payable $ 2,400 Accounts receivable 4.600 Notes payable 4,400 Inventory 6,400 Total $ 6,800 Total $ 13,000...
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales $ 43,200 Costs 34,000 Taxable income $ 9,200 Taxes (24%) 2,208 Net income $ 6,992 Dividends $ 3,700 Addition to retained earnings 3,292 The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not....