Projected Spontaneous LiabilitiesSmiley Corporation's current sales and partial balance sheet are shown below.This yearSales$10,000Balance Sheet: LiabilitiesAccounts payable$ 1,000Notes payable$ 3,000Accruals$ 1,400Total current liabilities$ 5,400Long-term bonds$ 2,000Total liabilities$ 7,400$ 1,500$ 3,000Common stockRetained earningsTotal common equityTotal liabilities & equity$ 4,500$11,900Sales are expected to grow by 14% next year. Assuming no change in operations from this year to next year, what are the projected spontaneous liabilities? Donot round intermediate calculations. Round your answer to the nearest dollar. -S6,1563

Liabilities represent the obligations or debts that a company owes to external parties. They are…

Projected Spontaneous Liabilities Smiley Corporation's current sales and partial balance sheet are shown below. This year Sales $10,000 Balance Sheet: Liabilities Accounts payable $ 1,000 Notes payable $ 3,000 Accruals $ 1,400 Total current liabilities $ 5,400 Long-term bonds $ 2,000 Total liabilities $ 7,400 Common stock $ 1,500 Retained earnings $ 3,000 Total common equity Total liabilities & equity $ 4,500 $11,900 Sales are expected to grow by 14% next year. Assuming no change in operations from this year to next year, what are the projected spontaneous liabilities? Do not round intermediate calculations. Round your answer to the nearest dollar. $ 6,156

Projected Spontaneous Liabilities Smiley Corporation's current sales and partial balance sheet are shown below. This year Sales $10,000 Balance Sheet: Liabilities Accounts payable $ 1,000 Notes payable $ 3,000 Accruals $ 1,400 Total current liabilities $ 5,400 Long-term bonds $ 2,000 Total liabilities $ 7,400 Common stock $ 1,500 Retained earnings $ 3,000 Total common equity Total liabilities & equity $ 4,500 $11,900 Sales are expected to grow by 14% next year. Assuming no change in operations from this year to next year, what are the projected spontaneous liabilities? Do not round intermediate calculations. Round your answer to the nearest dollar. $ 6,156

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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