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Consider the following income statement for the Heir Jordan Corporation: The balance sheet for...

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Accounting

Consider the following income statement for the Heir Jordan Corporation:

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The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. (Leave no cells blank - be certain to enter "0" whenever the item is not a constant percentage of sales. Round your answers to 2 decimal places. (e.g., 32.16))

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HEIR JORDAN CORPORATION Income Statement Sales Cost $47,000 31,300 Taxable income Taxes (35%) $15,700 5,495 Net income $10,205 Dividends Addition to retained earnings $ 2,500 7,705

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