Abbreviated financial statements for Archimedes Levers are shown in the table below. Assume sales and...
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Abbreviated financial statements for Archimedes Levers are shown in the table below. Assume sales and expenses increase by 17% in 2022 and all assets and liabilities increase correspondingly. Income Statement Sales $ 5,400 Costs, including interest 4,200 Net income $ 1,200 Balance Sheet, Year-End 2021 2020 2021 2020 Net assets $ 4,509 $ 4,100 Debt $ 1,809 $ 1,733 Equity 2,700 2,367 Total $ 4,509 $ 4,100 Total $ 4,509 $ 4,100 If the payout ratio is set at 65% and no external debt or equity is to b
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