Here are the abbreviated financial statements for Planners Peanuts: Sales Costs Income Statement, 2015 $2,670...
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Here are the abbreviated financial statements for Planners Peanuts: Sales Costs Income Statement, 2015 $2,670 1,350 Net income $ 1,320 Assets 2014 $4,040 Balance Sheet, Year-End 2015 $4,960 Debt Equity 2014 $1,270 2,770 2015 $1,160 3,800 Total $4,040 $4.960 Total $4,040 $4,960 If sales increase by 25% in 2016, and the company uses a percentage-of-sales planning model (meaning that all items on the income and balance sheet also increase by 25%), what must be the balancing item? The balancing item is (Click to select) What will be its value? (Round your answer to 1 decimal place.) Value of the balancing items
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