Chapter 04 Problem Set 4 Saved Help Save & Exit Submit HEIR JORDAN CORPORATION Income Statement Sales Cost 6.66 points Taxable income Taxes (22%) 03:43:31 Net income Skipped Dividends $ 48,800 34,800 $14,000 3,080 $ 10,920 $2,517 Check my work eBook 100 Hint Assets Current assets Addition to retained earnings 8,403 The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATION Liabilities and Owners' Equity Current liabilities Balance Sheet Cash $ 2,650 Accounts payable References Accounts receivable 3,600 Notes payable Inventory 9,000 Total $2,400 5,300 $7,700 Total $15,250 Long-term debt 24,000 Owners' equity Fixed assets Common stock and paid-in $ 18,000 surplus Net plant and equipment $ 38,400 Retained earnings 3,950 Total $ 21,950 Total assets 53,650 Total liabilities and owners' equity $ 53,650 Done < ezto.mheducation.com 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. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Assets Current assets Cash Accounts receivable Inventory Total current assets Fixed assets Net plant and equipment Total assets HEIR JORDAN CORPORATION Pro Forma Balance Sheet Current liabilities Accounts payable Notes payable Liabilities and Owners' Equity Total current liabilities Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total owner's equity Total liabilities and owners' equity Total assets Total liabilities and owners' equity Calculate the EFN. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) EFN