Smiley Corporation's current sales and partial balance sheet are shown below. This year Sales $ 10,000 Balance Sheet: Liabilities Accounts payable $ 1,500 Notes payable $ 2,500 Accruals $ 1,800 Total current liabilities $ 5,800 Long-term bonds $ 2,000 Total liabilities $ 7,800 Common stock $ 1,500 Retained earnings $ 2,000 Total common equity $ 3,500 Total liabilities & equity $ 11,300 Sales are expected to grow by 8% 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. $
Smiley Corporation's current sales and partial balance sheet are shown below. This year Sales $ 10,000 Balance Sheet: Liabilities Accounts payable $ 1,500 Notes payable $ 2,500 Accruals $ 1,800 Total current liabilities $ 5,800 Long-term bonds $ 2,000 Total liabilities $ 7,800 Common stock $ 1,500 Retained earnings $ 2,000 Total common equity $ 3,500 Total liabilities & equity $ 11,300 Sales are expected to grow by 8% 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. $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Projected Spontaneous Liabilities
Smiley Corporation's current sales and partial
| This year | ||||
| Sales | $ | 10,000 | ||
| Balance Sheet: Liabilities | ||||
| Accounts payable | $ | 1,500 | ||
| Notes payable | $ | 2,500 | ||
| Accruals | $ | 1,800 | ||
| Total current liabilities | $ | 5,800 | ||
| Long-term bonds | $ | 2,000 | ||
| Total liabilities | $ | 7,800 | ||
| Common stock | $ | 1,500 | ||
| $ | 2,000 | |||
| Total common equity | $ | 3,500 | ||
| Total liabilities & equity | $ | 11,300 |
Sales are expected to grow by 8% 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.
$
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