Problem 4.10 – Applying Percentage of Sales


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What is the missing information in the balance sheet of the Heir Jordan Corporation, given that accounts payable vary with sales and notes payable do not, and by using the percentage of sales approach? Supply the missing information using the percentage of sales approach and put "n/a" where appropriate.

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  • Search Terms: "" $ $, (%) (leave , , __ accounts , — accounts , — retained , — total $, __ long-term - . ..) ..) consider [lo] a accounts addition and and paid-in answer applying approach. as assets assets net assets current assets $, __ total assume balance based be blank cash cells certain common constant corporation corporation balance corporation: costs current debt debt $, — fixed decimal dividends do e.g., each earnings earnings , — total $, — total enter equipment equipment $, __ owners’ equity equity $, — the equity $ percentage of equity common fixed following follows. for heir in income information inventory is item jordan liabilities liabilities cash $ long-term missing needed. heir net no not not. notes of on owners' owners’ paid-in payable payable $ payable , — inventory , __ total $ percent percentage places, plant plant and previous problem, put receivable receivable , __ notes retained rounded s sales sales $ percentage of sales current sales, sales. sheet sheet assets liabilities statement statement, stock supply surplus surplus $ taxable taxes that the this to total using vary whenever where whereas with “n/a”
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