Here are the abbreviated financial statements for Planners Peanuts: Income Statement, 2019 Sales $3,230 Costs...
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Here are the abbreviated financial statements for Planners Peanuts: Income Statement, 2019 Sales $3,230 Costs 1,390 Net income $1,840 Assets Balance Sheet, Year-End 2018 2019 2018 2019 $4,040 $4,620 Debt $1,290 $1,470 Equity 2,750 3,150 $4,040 $4,620 Total $4, 040 $4,620 Total If sales increase by 40% in 2020, and the company uses a strict percentage-of-sales planning model (meaning that all items on the income and balance sheet also increase by 40%), what must be the balancing item? The balancing item is (Click to select) What will be its value? (Do not round intermediate calculations. Round your answer to 1 decimal place.) Value of the balancing item $
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