At year-end 2018, Wallace Landscaping’s total assets were $2.12 million, and its accounts payable were $395,000....

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At year-end 2018, Wallace Landscaping’s total assets were $2.12million, and its accounts payable were $395,000. Sales, which in2018 were $2.5 million, are expected to increase by 25% in 2019.Total assets and accounts payable are proportional to sales, andthat relationship will be maintained. Wallace typically uses nocurrent liabilities other than accounts payable. Common stockamounted to $460,000 in 2018, and retained earnings were $255,000.Wallace has arranged to sell $105,000 of new common stock in 2019to meet some of its financing needs. The remainder of its financingneeds will be met by issuing new long-term debt at the end of 2019.(Because the debt is added at the end of the year, there will be noadditional interest expense due to the new debt.) Its net profitmargin on sales is 6%, and 55% of earnings will be paid out asdividends.
What was Wallace's total long-term debt in 2018? Do not roundintermediate calculations. Round your answer to the nearestdollar.
$
What were Wallace's total liabilities in 2018? Do not roundintermediate calculations. Round your answer to the nearestdollar.
$
How much new long-term debt financing will be needed in 2019?(Hint: AFN - New stock = New long-term debt.) Do not roundintermediate calculations. Round your answer to the nearestdollar.
$

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At year-end 2018, Wallace Landscaping’s total assets were $2.12million, and its accounts payable were $395,000. Sales, which in2018 were $2.5 million, are expected to increase by 25% in 2019.Total assets and accounts payable are proportional to sales, andthat relationship will be maintained. Wallace typically uses nocurrent liabilities other than accounts payable. Common stockamounted to $460,000 in 2018, and retained earnings were $255,000.Wallace has arranged to sell $105,000 of new common stock in 2019to meet some of its financing needs. The remainder of its financingneeds will be met by issuing new long-term debt at the end of 2019.(Because the debt is added at the end of the year, there will be noadditional interest expense due to the new debt.) Its net profitmargin on sales is 6%, and 55% of earnings will be paid out asdividends.What was Wallace's total long-term debt in 2018? Do not roundintermediate calculations. Round your answer to the nearestdollar.$ What were Wallace's total liabilities in 2018? Do not roundintermediate calculations. Round your answer to the nearestdollar.$ How much new long-term debt financing will be needed in 2019?(Hint: AFN - New stock = New long-term debt.) Do not roundintermediate calculations. Round your answer to the nearestdollar.$