- Consider The Following Income Statement For The Heir Jordan Corporation Heir Jordan Corporation Income Statement Sales 1 (44.56 KiB) Viewed 33 times
Consider the following income
statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income
Statement Sales $ 47,600 35,600 Costs Taxable income $12,000 3,000 Taxes (25%) Net income $ 9,000 Dividends Addition to retained $3,000 6,000 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 "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 Fixed assets Net plant and equipment Total assets $ $ $ 2,050 4,700 6,400 13,150 36,000 49, 150 HEIR JORDAN CORPORATION Balance Sheet Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity Percentage of Sales $ $ $ $ 69 69 $ $ 2,400 4,500 6,900 25,000 15,000 2,250 17,250 49,150 Percentage of Sales