At year-end 2016, Wallace Landscaping’s total assets were $1.0 million, and its accounts payable were $375,000. Sales,...

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At year-end 2016,Wallace Landscaping’s total assets were $1.0 million, and itsaccounts payable were $375,000. Sales, which in 2016 were $2.3million, are expected to increase by 30% in 2017. Total assets andaccounts payable are proportional to sales, and that relationshipwill be maintained. Wallace typically uses no current liabilitiesother than accounts payable. Common stock amounted to $390,000 in2016, and retained earnings were $210,000. Wallace has arranged tosell $85,000 of new common stock in 2017 to meet some of itsfinancing needs. The remainder of its financing needs will be metby issuing new long-term debt at the end of 2017. (Because the debtis added at the end of the year, there will be no additionalinterest expense due to the new debt.) Its net profit margin onsales is 5%, and 55% of earnings will be paid out as dividends.
What was Wallace's totallong-term debt in 2016? Do not round intermediate calculations.Round your answer to the nearest dollar.
$
What were Wallace's total liabilities in 2016? Do not roundintermediate calculations. Round your answer to the nearestdollar.
$
How much new long-termdebt financing will be needed in 2017? (Hint: AFN - Newstock = New long-term debt.) Do not round intermediatecalculations. Round your answer to the nearest dollar.

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At year-end 2016,Wallace Landscaping’s total assets were $1.0 million, and itsaccounts payable were $375,000. Sales, which in 2016 were $2.3million, are expected to increase by 30% in 2017. Total assets andaccounts payable are proportional to sales, and that relationshipwill be maintained. Wallace typically uses no current liabilitiesother than accounts payable. Common stock amounted to $390,000 in2016, and retained earnings were $210,000. Wallace has arranged tosell $85,000 of new common stock in 2017 to meet some of itsfinancing needs. The remainder of its financing needs will be metby issuing new long-term debt at the end of 2017. (Because the debtis added at the end of the year, there will be no additionalinterest expense due to the new debt.) Its net profit margin onsales is 5%, and 55% of earnings will be paid out as dividends.What was Wallace's totallong-term debt in 2016? Do not round intermediate calculations.Round your answer to the nearest dollar.$What were Wallace's total liabilities in 2016? Do not roundintermediate calculations. Round your answer to the nearestdollar.$How much new long-termdebt financing will be needed in 2017? (Hint: AFN - Newstock = New long-term debt.) Do not round intermediatecalculations. Round your answer to the nearest dollar.