Consider the following simplified financial statements for the Steveston Corporation (assuming no Income taxes): Statement of Comprehensive Income Sales Costs Net income Sales Costs $32,000 24,400 $ 7,600 Net income Statement of Financial Position $25,300 Debt $ Assets Total $25,300 Steveston has predicted a sales Increase of 15%. It has predicted that every Item on the statement of financial position will increase by 15% as well. Create the pro forma statements and reconcile them. (Input all amounts as positive values. Omit $ sign In your response.) Pro Forma Statement of Comprehensive Income $ Assets Equity Total Total $ 5,800 19,500 $25,300 Pro Forma Statement of Financial Position $ $ $ What is the plug variable? The plug varlable Is (Click to select in the amount of $ Debt Equity Total $
Consider the following simplified financial statements for the Steveston Corporation (assuming no Income taxes): Statement of Comprehensive Income Sales Costs Net income Sales Costs $32,000 24,400 $ 7,600 Net income Statement of Financial Position $25,300 Debt $ Assets Total $25,300 Steveston has predicted a sales Increase of 15%. It has predicted that every Item on the statement of financial position will increase by 15% as well. Create the pro forma statements and reconcile them. (Input all amounts as positive values. Omit $ sign In your response.) Pro Forma Statement of Comprehensive Income $ Assets Equity Total Total $ 5,800 19,500 $25,300 Pro Forma Statement of Financial Position $ $ $ What is the plug variable? The plug varlable Is (Click to select in the amount of $ Debt Equity Total $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Consider the following simplified financial statements for the Steveston Corporation (assuming no Income taxes):
Statement of Comprehensive
Income
Net income
$32,908
24.400
$ 7.608
Sales
Costs
Net income
Pro Forma Statement of
Comprehensive Income
$
PENY
Statement of Financial Position
$25,300
$
Total
Steveston has predicted a sales Increase of 15%. It has predicted that every Item on the statement of financial position will increase by
15% as well.
Create the pro forma statements and reconcile them. (Input all amounts as positive values. Omit $ sign in your response.)
$25,308
Debt
Equity
Total
Assets
Pro Forma Statement of Financial Position
$
LA
$ 5,800
19,580
$25,300
$
What is the plug varlable?
The plug varlable Is (Click to select in the amount of $
Debt
Equity
Total
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