Question

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 $ 48,500
  Costs 34,500
  Taxable income $ 14,000
  Taxes (35%) 4,900
  Net income $ 9,100
      Dividends $ 2,900
      Addition to retained earnings 6,200

  

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 "0" whenever the item is not a constant percentage of sales. Enter each answer as a percent rounded 2 decimal places, e.g., 32.16.)

  

HEIR JORDAN CORPORATION
Balance Sheet
Percentage
of Sales
Percentage
of Sales
  Assets   Liabilities and Owners’ Equity
  Current assets   Current liabilities
     Cash $ 2,500       Accounts payable $ 2,400
     Accounts receivable 3,900       Notes payable 5,000
     Inventory 9,000
        Total $ 15,400         Total $ 7,400
  Long-term debt $ 24,000
  Owners’ equity
      Common stock and paid-in surplus $ 15,000
      Retained earnings 6,800
  Fixed assets
     Net plant and equipment $ 37,800         Total $ 21,800
  Total assets $ 53,200   Total liabilities and owners’ equity $ 53,200

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