Question

Consider the following income statement for the Heir Jordan Corporation HEIR JORDAN CORPORATION Income Statement Sales Costs $43,800 34,800 Taxable income Taxes (21%) $9,000 1,890 Net income $ 7110 Dividends Addition to retained $4,300 2,810 earnings 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. (Leave no cells blank be certain to enter "O" whenever the item Is not a constant percentage of sales. Enter each answer as a percent rounded 2 declmal places, e.g 32.16.) HEIR JORDAN CORPORATION Balance Sheet of Sales of Sales Assets Liabilities and Owners' Equity Current assets Current liabilities Accounts payable Notes payable Cash 2,700 3,500 9,000 S 15,200 2.400 5.400 Inventory Total Total Long-term debt Owners' equity 7,800 S 24,000 Fixed assets $ 19,000 3,000 S 22,000 53,800 Net plant and equipment S 38,600 Common stock and paid-in surplus Total Total assets S 53,800 Total liabilities and owners' equity