Here are the abbreviated financial statements for Planner’s Peanuts: INCOME STATEMENT, 2019 Sales $ 5,500 Cost 4,300 Net income $ 1,200 BALANCE SHEET, YEAR-END 2018 2019 2018 2019 Assets $ 8,500 $ 9,200 Debt $ 823 $ 1,000 Equity 7,677 8,200 Total $ 8,500 $ 9,200 Total $ 8,500 $ 9,200 a. If sales increase by 15% 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 15%), what must be the balancing item? b. What will be the value of this balancing item?
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I need help please. I have all of the answers except B.
Here are the abbreviated financial statements for Planner’s Peanuts:
| INCOME STATEMENT, 2019 | |||
| Sales | $ | 5,500 | |
| Cost | 4,300 | ||
| Net income | $ | 1,200 | |
| 2018 | 2019 | 2018 | 2019 | ||||||||||||||||
| Assets | $ | 8,500 | $ | 9,200 | Debt | $ | 823 | $ | 1,000 | ||||||||||
| Equity | 7,677 | 8,200 | |||||||||||||||||
| Total | $ | 8,500 | $ | 9,200 | Total | $ | 8,500 | $ | 9,200 | ||||||||||
a. If sales increase by 15% 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 15%), what must be the balancing item?
b. What will be the value of this balancing item?
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