Here are the abbreviated financial statements for Planner's Peanuts: INCOME STATEMENT, 2019 $2,500 Sales 1,900 $ 600 Cost Net income BALANCE SHEET, YEAR-END 2019 2018 $ 853 Equity _ 1,647 2019 $1,000 2018 Assets $2,500 $3,600 Debt 2,600 Total $2,500 $3,600 Total $2,500 $3,600 a. If sales increase by 20% 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 20%), what must be the balancing item? b. What will be the value of this balancing item? Balancing item a. b. Value

Here are the abbreviated financial statements for Planner's Peanuts: INCOME STATEMENT, 2019 $2,500 Sales 1,900 $ 600 Cost Net income BALANCE SHEET, YEAR-END 2019 2018 $ 853 Equity _ 1,647 2019 $1,000 2018 Assets $2,500 $3,600 Debt 2,600 Total $2,500 $3,600 Total $2,500 $3,600 a. If sales increase by 20% 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 20%), what must be the balancing item? b. What will be the value of this balancing item? Balancing item a. b. Value

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 2MCQ

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