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Use the following to answer questions 28-29: The following balance sheet and income statement should...

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Accounting

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Use the following to answer questions 28-29: The following balance sheet and income statement should be used: J&F, Inc 2012 Income Statement Net Sales Less: Cost of Goods Sold Less: Depreciation Earnings Before Interest and Taxes Less: Interest Paid Taxable Income Less: Taxes Net Income $28,900 23,400 1,600 3,900 280 $3,620 1,230 $2,390 $956 $1.434 Dividends Additions to retained earmings J&F, Inc. Dec 31, 2012 Balance Sheet Cash Accounts rec Inventory Total Net fixed assets Total assets $1,530 Accounts payable 2,780 Long-term debt 3,410 Common stock $7.720 Retained earnings 12,840 20,560 Total liabilities &equity $2.750 4,000 8,000 5,810 $20,560 Verion A Page 9 28. Assume that J&F. Inc. is operating at 85 percent of capacity, All costs and net working capital vary directly with sales. What is the amount of total fixed assets required if sales are projected to increase by 20 percent? A) $13.397.24 B) $13.41414 C) $13.096 80 13.1

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