Question Five:Below given are the Income statement and Balance Sheet of ABC Corp. for theyear 2021.Income statementSalesCostsTaxable incomeTaxes (40%)Net incomeCurrent AssetsFixed Assets$ 6,000.003,900.002,100,000840.000$ 1,260,000Total5,0007,00012,000Balance SheetCurrent Liabilities 1,200Long Term DebtEquity4,000Total6,80012,000Assets and costs are proportional to sales and Debt and Equity are not. Thecompany maintains a constant 40% dividend payout ratio. As with every otherfirm in its industry, next year's sales are projected to increase by exactly 10%.60 %Required:a) Draw the 2022 pro-forma Income Statement and the Balance sheet for ABCCorp and find the External Financing Figure (needs).2022

Income Statement - The revenue, costs, profits, and losses incurred by a corporation over a specific…

Below given are the Income statement and Balance Sheet of ABC Corp. for year 2021. Income statement Sales Costs Taxable income Taxes (40%) Net income Current Assets Fixed Assets Total $ 6,000.00 3,900.00 2,100,000 840.000 $1,260,000 5,000 7,000 12,000 Balance Sheet Current Liabilities Long Term Debt Equity Total 1,200 4,000 6,800 12.000

Below given are the Income statement and Balance Sheet of ABC Corp. for year 2021. Income statement Sales Costs Taxable income Taxes (40%) Net income Current Assets Fixed Assets Total $ 6,000.00 3,900.00 2,100,000 840.000 $1,260,000 5,000 7,000 12,000 Balance Sheet Current Liabilities Long Term Debt Equity Total 1,200 4,000 6,800 12.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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