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Consider the following simplified financial statements for the Steveston Corporation (assuming no Income taxes): Statement of Comprehensive Income Sales Costs Net income $32,000 24,400 $ 7,600 Pro forma Statement of Comprehensive Income $ Sales Costs Net income Statement of Financial Position $25,300 Debt 3 Assets Total Steveston has predicted a sales increase of 15%. Assume Steveston pays out half of net income in the form of a cash dividend. Costs and assets vary with sales, but debt and equity do not. Prepare the pro forma statements. (Input all amounts as positive values. Omit $ sign in your response.) Assets $25,300 Total Equity Total $ 5,800 19,500 $25,300 $ Pro forma Statement of Financial Position $ $ Debt Equity Total $ Determine the external financing needed. (Negative amount should be indicated by a minus sign. Omit $ sign in your response.) External financing needed

Consider the following simplified financial statements for the Steveston Corporation (assuming no Income taxes): Statement of Comprehensive Income Sales Costs Net income $32,000 24,400 $ 7,600 Pro forma Statement of Comprehensive Income $ Sales Costs Net income Statement of Financial Position $25,300 Debt 3 Assets Total Steveston has predicted a sales increase of 15%. Assume Steveston pays out half of net income in the form of a cash dividend. Costs and assets vary with sales, but debt and equity do not. Prepare the pro forma statements. (Input all amounts as positive values. Omit $ sign in your response.) Assets $25,300 Total Equity Total $ 5,800 19,500 $25,300 $ Pro forma Statement of Financial Position $ $ Debt Equity Total $ Determine the external financing needed. (Negative amount should be indicated by a minus sign. Omit $ sign in your response.) External financing needed

FINANCIAL ACCOUNTING
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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Consider the following simplified financial statements for the Steveston Corporation (assuming no Income taxes): Statement of Comprehensive Income Sales Net income $32,900 $ 7.600 Net income Pro forma Statement of Comprehensive Income PEA S AC Statement of Financial Position Assets Steveston has predicted a sales increase of 15%. Assume Steveston pays out half of net Income in the form of a cash dividend. Costs and assets vary with sales, but debt and equity do not. Prepare the pro forma statements. (Input all amounts as positive values. Omit $ sign in your response.) Total $ Assets $25.300 Total $25,300 SA Pro forma Statement of Financial Position $ Equity Total CAL $ 5,800 19,500 $25,300 $ Debt Equity Total 5 Determine the external financing needed. (Negative amount should be Indicated by a minus sign. Omit $ sign In your response.) External financing needed
Transcribed Image Text:Consider the following simplified financial statements for the Steveston Corporation (assuming no Income taxes): Statement of Comprehensive Income Sales Net income $32,900 $ 7.600 Net income Pro forma Statement of Comprehensive Income PEA S AC Statement of Financial Position Assets Steveston has predicted a sales increase of 15%. Assume Steveston pays out half of net Income in the form of a cash dividend. Costs and assets vary with sales, but debt and equity do not. Prepare the pro forma statements. (Input all amounts as positive values. Omit $ sign in your response.) Total $ Assets $25.300 Total $25,300 SA Pro forma Statement of Financial Position $ Equity Total CAL $ 5,800 19,500 $25,300 $ Debt Equity Total 5 Determine the external financing needed. (Negative amount should be Indicated by a minus sign. Omit $ sign In your response.) External financing needed
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