Business, 22.04.2021 20:30 IsoSaysHi

At year-end 2016, total assets for Arrington Inc. were $1.9 million and accounts payable were $395,000. Sales, which in 2016 were $2.8 million, are expected to increase by 20% 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 $420,000 in 2016, and retained earnings were $310,000. Arrington plans to sell new common stock in the amount of $130,000. The firm's profit margin on sales is 4%; 55% 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 $1.9 million and accounts payable were $395,0...

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