FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Projected Spontaneous Liabilities
Smiley Corporation's current sales and partial balance sheet are shown below.
This year
Sales
$10,000
Balance Sheet: Liabilities
Accounts payable
$ 1,000
Notes payable
$ 3,000
Accruals
$ 1,400
Total current liabilities
$ 5,400
Long-term bonds
$ 2,000
Total liabilities
$ 7,400
$ 1,500
$ 3,000
Common stock
Retained earnings
Total common equity
Total liabilities & equity
$ 4,500
$11,900
Sales are expected to grow by 14% next year. Assuming no change in operations from this year to next year, what are the projected spontaneous liabilities? Do
not round intermediate calculations. Round your answer to the nearest dollar. -
S
6,156
3
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Transcribed Image Text:Projected Spontaneous Liabilities Smiley Corporation's current sales and partial balance sheet are shown below. This year Sales $10,000 Balance Sheet: Liabilities Accounts payable $ 1,000 Notes payable $ 3,000 Accruals $ 1,400 Total current liabilities $ 5,400 Long-term bonds $ 2,000 Total liabilities $ 7,400 $ 1,500 $ 3,000 Common stock Retained earnings Total common equity Total liabilities & equity $ 4,500 $11,900 Sales are expected to grow by 14% next year. Assuming no change in operations from this year to next year, what are the projected spontaneous liabilities? Do not round intermediate calculations. Round your answer to the nearest dollar. - S 6,156 3
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