please do not provide solution in image format thank you! Marilyn Terrill is the senior auditor for the audit of Uden Supply Company for the year ended December 31, 20X4. In planning the audit,Marilyn is attempting to develop expectations for planning analytical procedures based on the financial information for prior years andher knowledge of the business and the industry, including these:1. Based on economic conditions, she believes that the increase in sales for the current year should approximate the historical trend interms of actual dollar increases.2. Based on her knowledge of industry trends, she believes that the gross profit percentage for 20X4 should be about 2 percent lessthan the percentage for 20X3.3. Based on her knowledge of regulations, she is aware that the effective tax rate for the company for 20X4 has been reduced by 5percent from that in 20X3.4. Based on her knowledge of economic conditions, she is aware that the effective interest rate on the company's line of credit for20X4 was approximately 12 percent. The average outstanding balance of the line of credit is $3,600,000. This line of credit is thecompany's only interest-bearing debt.5. Based on her discussions with management and her knowledge of the industry, she believes that the amount of other expensesshould be consistent with the trends from prior years.Comparative income statement information for Uden Supply Company is presented in the below table.Required:b. Determine the expected amounts for 20X4 for each of the income statement items. (Round gross profit ratio and income taxesratio to nearest four decimal places. Round other ratios to nearest two decimal places. Round all other intermediate computationsto the nearest whole value. Enter your answers in thousands.) SalesCost of goods soldGross profitSales commissionsAdvertisingSalariesPayroll taxesEmployee benefitsRentDepreciationSuppliesUtilitiesLegal and accountingMiscellaneousInterest expenseNet income before taxesIncome taxesComparative Income StatementsYears Ended December 20X1, 20X2, and 20X3(Thousands)20X1 Audited 20X2 Audited 20X3 Audited12,6008,6903,9108802521,12619718073733934472536661813913,5009,3304,1709502701,16020318677774338512938470215814,400 $9,9704,4301,0102901,19420919281814742553339680018020X4 Expected15,30015,300

A proforma income statement is a type of financial statement that describes how a firm expects to do…

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Business

Accounting

please do not provide solution in image format thank you!

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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