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The balance sheet for the Helr Jordan Corporation follows. Based on this Information and the Income statement, supply the mlssing Information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not Leave no cells blank - be certaln to enter "0" whenever the item is not a constant percentage of sales. Enter each answer as a percent rounded 2 decimal places, e.g. 3216) HEIR JORDAN CORPORATION Balance Sheet Percentage of Sales Percentage of Sales Assets Current assets Liabilities and Owners' Equity Current liabilities Cash 2.350 Accounts payable 4,000 Accounts receivable 5,300 Notes payable 8,200 Inventory 9.000 12,200 21,000 Total 18.650 Total Long-tem debt Owners' equity Fixed assets Common stock and paid-in surplus Retained earnings Net plant and equipment 37,200 12,000 8,650 20,650 53.850 Total Total assets 53.850 Total liabilities and owners equity %24 %24

The balance sheet for the Helr Jordan Corporation follows. Based on this Information and the Income statement, supply the mlssing Information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not Leave no cells blank - be certaln to enter "0" whenever the item is not a constant percentage of sales. Enter each answer as a percent rounded 2 decimal places, e.g. 3216) HEIR JORDAN CORPORATION Balance Sheet Percentage of Sales Percentage of Sales Assets Current assets Liabilities and Owners' Equity Current liabilities Cash 2.350 Accounts payable 4,000 Accounts receivable 5,300 Notes payable 8,200 Inventory 9.000 12,200 21,000 Total 18.650 Total Long-tem debt Owners' equity Fixed assets Common stock and paid-in surplus Retained earnings Net plant and equipment 37,200 12,000 8,650 20,650 53.850 Total Total assets 53.850 Total liabilities and owners equity %24 %24

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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The balance sheet for the Helr Jordan Corporation follows. Based on this Information and the Income statement, supply the mlssing Information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not Leave no cells blank - be certaln to enter "0" whenever the item is not a constant percentage of sales. Enter each answer as a percent rounded 2 decimal places, e.g. 3216) HEIR JORDAN CORPORATION Balance Sheet Percentage of Sales Percentage of Sales Assets Current assets Liabilities and Owners' Equity Current liabilities Cash 2.350 Accounts payable 4,000 Accounts receivable 5,300 Notes payable 8,200 Inventory 9.000 12,200 21,000 Total 18.650 Total Long-tem debt Owners' equity Fixed assets Common stock and paid-in surplus Retained earnings Net plant and equipment 37,200 12,000 8,650 20,650 53.850 Total Total assets 53.850 Total liabilities and owners equity %24 %24
Transcribed Image Text:The balance sheet for the Helr Jordan Corporation follows. Based on this Information and the Income statement, supply the mlssing Information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not Leave no cells blank - be certaln to enter "0" whenever the item is not a constant percentage of sales. Enter each answer as a percent rounded 2 decimal places, e.g. 3216) HEIR JORDAN CORPORATION Balance Sheet Percentage of Sales Percentage of Sales Assets Current assets Liabilities and Owners' Equity Current liabilities Cash 2.350 Accounts payable 4,000 Accounts receivable 5,300 Notes payable 8,200 Inventory 9.000 12,200 21,000 Total 18.650 Total Long-tem debt Owners' equity Fixed assets Common stock and paid-in surplus Retained earnings Net plant and equipment 37,200 12,000 8,650 20,650 53.850 Total Total assets 53.850 Total liabilities and owners equity %24 %24
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