Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales...
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Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs Taxable income Taxes (22%) Net income Dividends Addition to retained earnings $ 3,500 5,938 $ 53,000 40,900 $ 12,100 2,662 $ 9,438 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.) Assets Current assets Cash Accounts receivable Inventory Total current assets Fixed assets Net plant and equipment. Total assets $ $ $ $ 3,140 4,200 6,500 13,840 43,200 57,040 HEIR JORDAN CORPORATION Balance Sheet Percentage of Sales Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total current liabilities Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total owners' equity Total liabilities and owners' equity $ S $ $ $ S 2,600 5,700 8,300 28,000 5,000 15,740 20.740 57,040 Percentage of Sales Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs Taxable income Taxes (22%) Net income Dividends Addition to retained earnings $ 3,500 5,938 $ 53,000 40,900 $ 12,100 2,662 $ 9,438 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.) Assets Current assets Cash Accounts receivable Inventory Total current assets Fixed assets Net plant and equipment. Total assets $ $ $ $ 3,140 4,200 6,500 13,840 43,200 57,040 HEIR JORDAN CORPORATION Balance Sheet Percentage of Sales Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total current liabilities Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total owners' equity Total liabilities and owners' equity $ S $ $ $ S 2,600 5,700 8,300 28,000 5,000 15,740 20.740 57,040 Percentage of Sales
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Related Book For
Fundamentals of Corporate Finance
ISBN: 978-0077861629
8th Edition
Authors: Stephen A. Ross, Randolph W. Westerfield, Bradford D.Jordan
Posted Date:
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