Question: Check My Work ebook Problem Walk-Through Projected Spontaneous Liabilities Smiley Corporation's current sales and partial balance sheet are shown below. This year Sales $10,000 Balance
Check My Work ebook Problem Walk-Through Projected Spontaneous Liabilities Smiley Corporation's current sales and partial balance sheet are shown below. This year Sales $10,000 Balance Sheet: Labrities Accounts payable $1,000 Notes payable $ 2.500 Accruals $ 2,000 Total current liabilities $ 5,500 Long-term bonds $ 2,000 Total liabilities $ 7.500 Common stock $1,000 Retained earnings $ 2.000 Total common equity $ 3,000 Total abilities & equity $10,500 Sales are expected to grow by 8% neat year. Assuming no change in operations from this year to next year what are the projected spontaneous abilities? Do niet round intermediate calculations. Round your answer to the nearest dollar
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