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Note: who asked us to solve the question told us that the solution to this question is according to predictions, I did not understand his intention but maybe this will benefit you to solve. Note :pro forma income statement for

Note: who asked us to solve the question told us that the solution to this question is according to predictions, I did not understand his intention but maybe this will benefit you to solve. Note :pro forma income statement for

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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Note: who asked us to solve the question told us that the solution to this question is according to predictions, I did not understand his intention but maybe this will benefit you to solve.

Note :pro forma income statement for year <2021>

Information for the year 2019 Information for the year 2020 Marketable Securities 20,000.00 Marketable Securities 10,000.00 Accounts Receivable 60,000,00 Accounts Receivable 50,000.00 30,000.00 10,000.00 Inventory Number of shares outstanding Inventory Number of shares outstanding Other current assets 120,000.00 100,000.00 Other current assets 10,000.00 40,000.00 Propert, Plant and cquipment Machinery Furniture 400,000.00 Propert, Plant and equipment Machinery Furniture 381,000.00 80,000.00 60,000.00 15,000.00 70,000.00 Vehicles 100,000.00 Vehicles 120,000.00 Paid in capital in excess of par value Par value of stock Paid in capital in excess of par value Par value of stock Notes payable Accounts payable Long term loan 600,000.00 420,000.00 1.00 1.00 Notes payable Accounts payable Long term loan 30,000.00 30,000.00 30,000.00 5,000.00 89,000.00 60,000.00 Short term loan 20,000.00 18,900,00 Short term loan 13,500.00 Dividends Dividends 16,000.00 Cash 500,000.00 Cash 300,000.00 Accumulated depreciation 20,000.00 Accumulated depreciation 25,000.00 Sales 700,000.00 Sales 900,000.00 Depreciation expense Selling expense Cost of goods sold Research and development expense General and administrative expense Interest expense 5,000.00 Depreciation expense Selling expense Cost of goods sold Research and development expense General and administrative expense Interest expense Таx rate 5,000.00 15,000.00 20,000.00 450,000.00 600,000.00 30,000.00 30,000.00 20,000.00 40,000.00 16,000.00 10,000.00 Tax rate 35% 35% Utilities expense Beginning balance of retained earnings 30,000.00 Utilities expense Beginning balance of retained earnings 45,000.00 237,800.00
Transcribed Image Text:Information for the year 2019 Information for the year 2020 Marketable Securities 20,000.00 Marketable Securities 10,000.00 Accounts Receivable 60,000,00 Accounts Receivable 50,000.00 30,000.00 10,000.00 Inventory Number of shares outstanding Inventory Number of shares outstanding Other current assets 120,000.00 100,000.00 Other current assets 10,000.00 40,000.00 Propert, Plant and cquipment Machinery Furniture 400,000.00 Propert, Plant and equipment Machinery Furniture 381,000.00 80,000.00 60,000.00 15,000.00 70,000.00 Vehicles 100,000.00 Vehicles 120,000.00 Paid in capital in excess of par value Par value of stock Paid in capital in excess of par value Par value of stock Notes payable Accounts payable Long term loan 600,000.00 420,000.00 1.00 1.00 Notes payable Accounts payable Long term loan 30,000.00 30,000.00 30,000.00 5,000.00 89,000.00 60,000.00 Short term loan 20,000.00 18,900,00 Short term loan 13,500.00 Dividends Dividends 16,000.00 Cash 500,000.00 Cash 300,000.00 Accumulated depreciation 20,000.00 Accumulated depreciation 25,000.00 Sales 700,000.00 Sales 900,000.00 Depreciation expense Selling expense Cost of goods sold Research and development expense General and administrative expense Interest expense 5,000.00 Depreciation expense Selling expense Cost of goods sold Research and development expense General and administrative expense Interest expense Таx rate 5,000.00 15,000.00 20,000.00 450,000.00 600,000.00 30,000.00 30,000.00 20,000.00 40,000.00 16,000.00 10,000.00 Tax rate 35% 35% Utilities expense Beginning balance of retained earnings 30,000.00 Utilities expense Beginning balance of retained earnings 45,000.00 237,800.00
5. Compile the Pro forma Income statement for the year 2021 using percent of sales method.
Transcribed Image Text:5. Compile the Pro forma Income statement for the year 2021 using percent of sales method.
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