Balance sheet-total liabilities and assets-equity

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Reference no: EM13922169

Jill's Wigs Inc. had the following balance sheet last year:

Cash $800 Accounts payable $350 Accounts receivable $450 Accrued wages $150 Inventory $950 Notes payable $2,000 Net fixed assets $34,000 Mortgage $26,500 Common stock $3,200 Retained earnings $4,000 Total liabilities Total assets $36,200 and equity $36,200

Jill has just invented a nonslip wig for cancer patients which she expects will cause sales to double from $10,000 to $20,000, increasing net income to $1,000. She feels that she can handle the increase without adding any fixed assets. How much outside capital will Jill need if she pays no dividends?

Reference no: EM13922169

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