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1. Below are the balance sheet and income statement for Heir Jordan Corporation. Based on the statements, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales. Notes payable, total current liabilities, long-term debt, and all equity accounts do not vary directly with sales. Put "n/a" where applicable. Current Assets Cash Accounts receivable Inventory Total Fixed assets Net plant & equipment Assets Total assets HEIR JORDAN CORPORATION Balance Sheet $ $3,140 4,200 6,500 $13,840 $43,200 $57,040 % of Sales Liabilities and Owners' Equity $ Current liabilities Accounts payable Notes payable Total Long-term debt Owners' Equity Common stock & paid-in surplus Retained earnings Total Total liabilities & owners' equity $2,600 5,700 $8,300 $28,000 $5,000 15,740 $20,740 $57,040 % of Sales

1. Below are the balance sheet and income statement for Heir Jordan Corporation. Based on the statements, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales. Notes payable, total current liabilities, long-term debt, and all equity accounts do not vary directly with sales. Put "n/a" where applicable. Current Assets Cash Accounts receivable Inventory Total Fixed assets Net plant & equipment Assets Total assets HEIR JORDAN CORPORATION Balance Sheet $ $3,140 4,200 6,500 $13,840 $43,200 $57,040 % of Sales Liabilities and Owners' Equity $ Current liabilities Accounts payable Notes payable Total Long-term debt Owners' Equity Common stock & paid-in surplus Retained earnings Total Total liabilities & owners' equity $2,600 5,700 $8,300 $28,000 $5,000 15,740 $20,740 $57,040 % of Sales

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 25BEB: Jasmine Company provided the following income statements for its first 3 years of operation: Refer...
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Sales Costs HEIR JORDAN CORPORATION Income Statement Taxable income Taxes (22%) Net income Dividends Addition to retained earnings $53,000 40,900 $12,100 2,662 $9.438 $3,500 $5,938 age 2. Using information from the previous question, prepare a pro forma income statement and a pro forma balance sheet showing EFN, assuming an increase in sales of 15%, no new external debt or equity financing, and a constant payout ratio.
Transcribed Image Text:Sales Costs HEIR JORDAN CORPORATION Income Statement Taxable income Taxes (22%) Net income Dividends Addition to retained earnings $53,000 40,900 $12,100 2,662 $9.438 $3,500 $5,938 age 2. Using information from the previous question, prepare a pro forma income statement and a pro forma balance sheet showing EFN, assuming an increase in sales of 15%, no new external debt or equity financing, and a constant payout ratio.
1. Below are the balance sheet and income statement for Heir Jordan Corporation. Based on the statements, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales. Notes payable, total current liabilities, long-term debt, and all equity accounts do not vary directly with sales. Put "n/a" where applicable. Current Assets Cash Accounts receivable Inventory Total Fixed assets Net plant & equipment Assets Total assets HEIR JORDAN CORPORATION Balance Sheet $ $3,140 4,200 6,500 $13,840 $43,200 $57,040 % of Sales Liabilities and Owners' Equity $ Current liabilities Accounts payable Notes payable Total Long-term debt Owners' Equity Common stock & $5,000 paid-in surplus Retained earnings Total $2,600 5,700 Total liabilities & owners' equity $8,300 $28,000 15,740 $20,740 $57,040 % of Sales
Transcribed Image Text:1. Below are the balance sheet and income statement for Heir Jordan Corporation. Based on the statements, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales. Notes payable, total current liabilities, long-term debt, and all equity accounts do not vary directly with sales. Put "n/a" where applicable. Current Assets Cash Accounts receivable Inventory Total Fixed assets Net plant & equipment Assets Total assets HEIR JORDAN CORPORATION Balance Sheet $ $3,140 4,200 6,500 $13,840 $43,200 $57,040 % of Sales Liabilities and Owners' Equity $ Current liabilities Accounts payable Notes payable Total Long-term debt Owners' Equity Common stock & $5,000 paid-in surplus Retained earnings Total $2,600 5,700 Total liabilities & owners' equity $8,300 $28,000 15,740 $20,740 $57,040 % of Sales
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