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Smiley Corporation's current sales and partial balance sheet are shown below.
This year
Sales $10,000
Balance Sheet:
Liabilities
Accounts payable$2,000
Notes payable$1,500
Accruals$2,000
Total current liabilities$5,500
Long-term bonds$2,000
Total liabilities$7,500
Common stock$2,000
Retained earnings$3,000
Total common equity$5,000
Total liabilities & equity$12,500
Problem 1: Sales are expected to grow by 12% next year. Assuming no change in operations from this year to next year, what are the projected spontaneous liabilities? Do not round intermediate calculations. Round your answer to the nearest dollar.
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