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Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs Taxable income Taxes (21%) Net income Dividends Addition to retained earnings Current assets Cash Accounts receivable Inventory Total The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATION Balance Sheet Fixed assets Net plant and equipment Total assets Assets Current assets Cash Accounts receivable Inventory Total Fixed assets $2,509 4,601 Total assets Net plant and equipment $2,250 5,100 8,000 $36,800 $42,900 33,900 $ 52,150 $ 9,000 1,890 Assets $ 7,110 Liabilities and Owners' Equity $15,350 Long-term debt Owners' equity Common stock and paid-in surplus Current liabilities Accounts payable Notes payable Total Retained earnings Total Total liabilities and owners' equity Prepare a pro forma balance sheet, assuming an increase in sales of 14 percent, no new external debt or equity financing, and a constant payout ratio. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Current liabilities $ 4,000 8,000 $ 12,000 Accounts payable Notes payable Total Long-term debt Owners' equity $22,000 $ 10,000 HEIR JORDAN CORPORATION Pro Forma Balance Sheet 8,150 $ 18,150 $ 52,150 Liabilities and Owners' Equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity

Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs Taxable income Taxes (21%) Net income Dividends Addition to retained earnings Current assets Cash Accounts receivable Inventory Total The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATION Balance Sheet Fixed assets Net plant and equipment Total assets Assets Current assets Cash Accounts receivable Inventory Total Fixed assets $2,509 4,601 Total assets Net plant and equipment $2,250 5,100 8,000 $36,800 $42,900 33,900 $ 52,150 $ 9,000 1,890 Assets $ 7,110 Liabilities and Owners' Equity $15,350 Long-term debt Owners' equity Common stock and paid-in surplus Current liabilities Accounts payable Notes payable Total Retained earnings Total Total liabilities and owners' equity Prepare a pro forma balance sheet, assuming an increase in sales of 14 percent, no new external debt or equity financing, and a constant payout ratio. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Current liabilities $ 4,000 8,000 $ 12,000 Accounts payable Notes payable Total Long-term debt Owners' equity $22,000 $ 10,000 HEIR JORDAN CORPORATION Pro Forma Balance Sheet 8,150 $ 18,150 $ 52,150 Liabilities and Owners' Equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity

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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Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs Taxable income Taxes (21%) Net income Dividends Addition to retained earnings Current assets Cash Accounts receivable Inventory Total The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATION Balance Sheet Assets Fixed assets Net plant and equipment Total assets Current assets Cash Accounts receivable Inventory Total $2,509 4,601 Total assets Fixed assets Net plant and equipment $ 2,250 5,100 8,000 $36,800 $42,900 33,900 $ 52,150 $ 9,000 1,890 Assets $ 7,110 Liabilities and Owners' Equity $ 15,350 Long-term debt Owners' equity Common stock and paid-in surplus Current liabilities Accounts payable Notes payable Total Retained earnings Total Total liabilities and owners' equity $ 4,000 8,000 Prepare a pro forma balance sheet, assuming an increase in sales of 14 percent, no new external debt or equity financing, and a constant payout ratio. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) I Current liabilities $ 12,000 $22,000 Accounts payable Notes payable Total Long-term debt Owners' equity $ 10,000 8,150 $ 18,150 $ 52,150 HEIR JORDAN CORPORATION Pro Forma Balance Sheet Liabilities and Owners' Equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity
Transcribed Image Text:Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATION Income Statement Sales Costs Taxable income Taxes (21%) Net income Dividends Addition to retained earnings Current assets Cash Accounts receivable Inventory Total The balance sheet for the Heir Jordan Corporation follows. HEIR JORDAN CORPORATION Balance Sheet Assets Fixed assets Net plant and equipment Total assets Current assets Cash Accounts receivable Inventory Total $2,509 4,601 Total assets Fixed assets Net plant and equipment $ 2,250 5,100 8,000 $36,800 $42,900 33,900 $ 52,150 $ 9,000 1,890 Assets $ 7,110 Liabilities and Owners' Equity $ 15,350 Long-term debt Owners' equity Common stock and paid-in surplus Current liabilities Accounts payable Notes payable Total Retained earnings Total Total liabilities and owners' equity $ 4,000 8,000 Prepare a pro forma balance sheet, assuming an increase in sales of 14 percent, no new external debt or equity financing, and a constant payout ratio. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) I Current liabilities $ 12,000 $22,000 Accounts payable Notes payable Total Long-term debt Owners' equity $ 10,000 8,150 $ 18,150 $ 52,150 HEIR JORDAN CORPORATION Pro Forma Balance Sheet Liabilities and Owners' Equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity
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