Business, 27.11.2019 00:31 sumansmith5288

At year-end 2016, total assets for arrington inc. were $1 million and accounts payable were $410,000. sales, which in 2016 were $2.7 million, are expected to increase by 30% in 2017. total assets and accounts payable are proportional to sales, and that relationship will be maintained; that is, they will grow at the same rate as sales. arrington typically uses no current liabilities other than accounts payable. common stock amounted to $470,000 in 2016, and retained earnings were $340,000. arrington plans to sell new common stock in the amount of $60,000. the firm's profit margin on sales is 3%; 40% of earnings will be retained. what were arrington's total liabilities in 2016?

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At year-end 2016, total assets for arrington inc. were $1 million and accounts payable were $410,000...

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