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214 Chapter 9 Problem 6 (Applying Percentage of Sales) The

214 Chapter 9 Problem 6 (Applying Percentage of Sales) The

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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214 Chapter 9 Problem 6 (Applying Percentage of Sales) The statement of financial position for Jordan Corporation follows. Based on this information and the income statement in problem 5, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. Put "n/a" where needed. Jordan Corporation Statement of Financial Position Assets Liabilities and Owners' equity P P Percentage of Sales Current assets Cash P 3,050 Accounts Accounts payable P 1,300 receivable 6,900 Notes 7,600 payable 6,800 Inventory Total P17,550 P 8.100 Fixed assets P25,000 Net plant and equipment P34,500 P15,000 3,950 P18,950 Total assets P52.050 P52,050 Current liabilities Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity Percentage of Sales
Transcribed Image Text:214 Chapter 9 Problem 6 (Applying Percentage of Sales) The statement of financial position for Jordan Corporation follows. Based on this information and the income statement in problem 5, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. Put "n/a" where needed. Jordan Corporation Statement of Financial Position Assets Liabilities and Owners' equity P P Percentage of Sales Current assets Cash P 3,050 Accounts Accounts payable P 1,300 receivable 6,900 Notes 7,600 payable 6,800 Inventory Total P17,550 P 8.100 Fixed assets P25,000 Net plant and equipment P34,500 P15,000 3,950 P18,950 Total assets P52.050 P52,050 Current liabilities Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity Percentage of Sales
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