Question: 1. The balancing item is: Costs? Dividends? Sales? 2. Value of the balacing item? Problem 19-9 Percentage-of-Sales Models (LO2) Here are the abbreviated financial statements

1. The balancing item is: Costs? Dividends? Sales? 2. Value of

1. The balancing item is: Costs? Dividends? Sales?

2. Value of the balacing item?

Problem 19-9 Percentage-of-Sales Models (LO2) Here are the abbreviated financial statements for Planners Peanuts: Sales Costs Income Statement, 2015 $3,870 1,790 Net income $ 2,080 Assets 2014 $4,100 Balance Sheet, Year-End 2015 $5,330 Debt Equity 2014 $1.550 2,550 2015 $1,360 3,970 Total $4,100 $5,330 Total $4,100 $5,330 If sales increase by 29% in 2016, and the company uses a percentage-of-sales planning model (meaning that all items on the income and balance sheet also increase by 29%), what must be the balancing item? The balancing item is (Click to select) What will be its value? (Round your answer to 1 decimal place.) Value of the balancing item $

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