for California Cement Company for 2013 and an expected sales growth rate of 6.67% for 2014, prepare a pro forma income statement for 2014. First, find the percentage of each income statement line from 2013 as a percent of sales. (Round to three decimal places.) California Cement Company Income Statement for 2013 Sales revenue $ 22,869,000 Cost of goods sold $ -11,637,000 Selling, general, and administrative expenses $ -3,993,000 Depreciation expenses $ -1,331,000 EBIT $ 5,908,000 Interest expense $ -175,000 Taxable income $ 5,733,000 Taxes $ -2,512,462 Net income $ 3,220,538 What is the sales forecast for 2014? (Round to the nearest dollar.) The pro forma income statement for 2014 is: (Round to the nearest dollar.) California Cement Company Pro Forma Income Statement for 2014 Sales revenue $ ? 100.00% Cost of goods sold $ ? 50.885 % Selling, general, and administrative expenses $ ? 17.460% Depreciation expenses $ ? 5.820% EBIT $ ? 25.834 % Interest expense $ ? 0.765 % Taxable income $ ? 25.069 % Taxes $ ? 10.986 % Net income $ ? 14.083%
ro forma income statement. Given the income statement
, for California Cement Company for 2013 and an expected sales growth rate of
6.67%
for 2014, prepare a pro forma income statement for 2014.
First, find the percentage of each income statement line from 2013 as a percent of sales. (Round to three decimal places.)
|
California Cement Company |
||
|
Income Statement for 2013 |
||
|
Sales revenue |
$ |
22,869,000 |
|
Cost of goods sold |
$ |
-11,637,000 |
|
Selling, general, and administrative expenses |
$ |
-3,993,000 |
|
|
$ |
-1,331,000 |
|
EBIT |
$ |
5,908,000 |
|
Interest expense |
$ |
-175,000 |
|
Taxable income |
$ |
5,733,000 |
|
Taxes |
$ |
-2,512,462 |
|
Net income |
$ |
3,220,538 |
What is the sales
The pro forma income statement for 2014 is: (Round to the nearest dollar.)
California Cement Company
Pro Forma Income Statement for 2014
Sales revenue
$ ?
100.00%
Cost of goods sold
$ ?
50.885 %
Selling, general, and administrative expenses
$ ?
17.460%
Depreciation expenses
$ ?
5.820%
EBIT
$ ?
25.834 %
Interest expense
$ ?
0.765 %
Taxable income
$ ?
25.069 %
Taxes
$ ?
10.986 %
Net income
$ ?
14.083%
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