Consider the following income statement for the Heir JordanCorporation: HEIR JORDAN CORPORATION Income Statement Sales $46,500 Costs 36,100 Taxable income $ 10,400 Taxes (30%) 3,120 Netincome $ 7,280 Dividends $ 3,100 Addition to retained earnings4,180 The balance sheet for the Heir Jordan Corporation follows.HEIR JORDAN CORPORATION Balance Sheet Assets Liabilities andOwnersâ Equity Current assets Current liabilities Cash $ 2,600Accounts payable $ 2,400 Accounts receivable 3,700 Notes payable5,200 Inventory 9,000 Total $ 7,600 Total $ 15,300 Long-term debt $24,000 Ownersâ equity Fixed assets Common stock and paid-in surplus$ 17,000 Net plant and equipment $ 38,200 Retained earnings 4,900Total $ 21,900 Total assets $ 53,500 Total liabilities and ownersâequity $ 53,500 Prepare a pro forma balance sheet, assuming a 10percent increase in sales, no new external debt or equityfinancing, and a constant payout ratio. (Do not round intermediatecalculations and round your answers to 2 decimal places, e.g.,32.16.) HEIR JORDAN CORPORATION Pro Forma Balance Sheet AssetsLiabilities and Ownersâ Equity Current assets Current liabilitiesCash $ Accounts payable $ Accounts receivable Notes payableInventory Total $ Total $ Long-term debt $ Ownersâ equity Fixedassets Common stock and paid-in surplus Net plant and equipment $Retained earnings Total $ Total assets $ Total liabilities andownersâ equity $ Calculate the EFN. (Negative amount should beindicated by a minus sign. Do not round intermediate calculationsand round your answer to 2 decimal places, e.g., 32.16.) EFN $
Consider the following income statement for the Heir JordanCorporation: HEIR JORDAN CORPORATION Income Statement Sales $46,500 Costs 36,100 Taxable income $ 10,400 Taxes (30%) 3,120 Netincome $ 7,280 Dividends $ 3,100 Addition to retained earnings4,180 The balance sheet for the Heir Jordan Corporation follows.HEIR JORDAN CORPORATION Balance Sheet Assets Liabilities andOwnersâ Equity Current assets Current liabilities Cash $ 2,600Accounts payable $ 2,400 Accounts receivable 3,700 Notes payable5,200 Inventory 9,000 Total $ 7,600 Total $ 15,300 Long-term debt $24,000 Ownersâ equity Fixed assets Common stock and paid-in surplus$ 17,000 Net plant and equipment $ 38,200 Retained earnings 4,900Total $ 21,900 Total assets $ 53,500 Total liabilities and ownersâequity $ 53,500 Prepare a pro forma balance sheet, assuming a 10percent increase in sales, no new external debt or equityfinancing, and a constant payout ratio. (Do not round intermediatecalculations and round your answers to 2 decimal places, e.g.,32.16.) HEIR JORDAN CORPORATION Pro Forma Balance Sheet AssetsLiabilities and Ownersâ Equity Current assets Current liabilitiesCash $ Accounts payable $ Accounts receivable Notes payableInventory Total $ Total $ Long-term debt $ Ownersâ equity Fixedassets Common stock and paid-in surplus Net plant and equipment $Retained earnings Total $ Total assets $ Total liabilities andownersâ equity $ Calculate the EFN. (Negative amount should beindicated by a minus sign. Do not round intermediate calculationsand round your answer to 2 decimal places, e.g., 32.16.) EFN $