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Furniture Row, Inc., projects next year’s sales to be $20 million. Current sales are at $15 million based on current assets of $5 million and fixed assets of $5 million. The firm’s net profit margin is 5 percent after taxes. Furniture Row, Inc forecasts that current assets will rise in direct proportion to the increase in sales, but fixed assets will increase by only $100,000. Currently, Furniture Row, Inc has $1.5 million in accounts payable (which vary directly with sales), $2 million in long-term debt (due in 10 years), and common equity (including $4 million in retained earnings) totaling $6.5 million. Furniture Row, Inc plans to pay $500,000 in common stock dividends next year.

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Running head: ACCOUNTING STANDARDS AND FINANCIAL STATEMENTSAccounting Standards and Financial StatementsStudents NameInstitutional Affiliation1ACCOUN...
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