Saved 603 for Chapter Four (Part 2) 0 Consider the following income statement fo

Question

Saved 603 for Chapter Four (Part 2) 0 Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement $45,900 35,400 Sales Costs Taxable income $ 10,500 2,310 Taxes (22%) Net income S 8,190 Dividends Addition to retained $3,500 4690 earnings 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 O" whenever the item is not a constent percentage of sales. Enter each answer as a percent rounded 2 decimal places, e.g. 32.16.) HEIR JORDAN CORPORATION

Explanation / Answer

Heir Jordan Corp Balance Sheet Percentage of sales Percentage of sales Assets Liabilities and Owners Equity Current Assets Current Liabilities Cash 2300 5.01% (2300/45900) Accounts Payable 4000 8.71% (4000/45900) Accounts receivable 5200 11.33% (5200/45900) Notes Payable 8100 0 Inventory 8000 17.43% (8000/45900) Total 15500 0 Total 12100 0 Long term debt 21000 0 Fixed Assets Owners Equity Net Plant and Equipment 37000 80.61% (37000/45900) Common Stock and Paid in surplus 11000 0 Retained Earnings 8400 0 Total 19400 0 Total Assets 52500 0 Total Liabilities and Owners Equity 52500 0

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.