Cost of Good sold is 115,500 all the information are there. We prepared the statements for Quarter 1 (Q1) in class. Prepare thestatements for Q2 (April 1- June30) based on the followingassumptions:April's sales, $150,000; May's sales, $200,000; and, June's sales, $250,000.XYZ Company PRO FORMA Quarterly Income StatementsQ1$165,000Q2SalesCost of goods soldGross profitOperating expensesDepreciation expenseIncome before interest & taxes (219,750)Interest expense115,50049,500138,000131,25025,000Income before taxes(244,750)Income tax (expense)/recovery 122,375$(122,375)Net Income +PRO FORMA Quarterly Balance SheetsQ1$815,500Q2CashAccounts receivable110,000947,000InventoryPlant & equipmentAccumulated depreciation10,500,000(4,031,250)$8,341,250Total AssetsAccounts payable$125,000Line of creditInterest payableTaxes payableCurrent portion of LT debtLong-term debt25,000(122,375)200,0003,400,000Common shares1,800,0002,913,625$8.341,250Retained earningsTotal Liabilities & Sh. Equity

Statement of Profit and Loss for Q2 (Amount in $ Statement of Profit & Loss a/c…

Answered: statements for Q2 (April 1- June30)…

Business

Finance

statements for Q2 (April 1- June30) based on the follow assumptions:

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Question

Cost of Good sold is 115,500 all the information are there.

We prepared the statements for Quarter 1 (Q1) in class. Prepare the
statements for Q2 (April 1- June30) based on the following
assumptions:
April's sales, $150,000; May's sales, $200,000; and, June's sales, $250,000.
XYZ Company PRO FORMA Quarterly Income Statements
Q1
$165,000
Q2
Sales
Cost of goods sold
Gross profit
Operating expenses
Depreciation expense
Income before interest & taxes (219,750)
Interest expense
115,500
49,500
138,000
131,250
25,000
Income before taxes
(244,750)
Income tax (expense)/recovery 122,375
$(122,375)
Net Income

+PRO FORMA Quarterly Balance Sheets
Q1
$815,500
Q2
Cash
Accounts receivable
110,000
947,000
Inventory
Plant & equipment
Accumulated depreciation
10,500,000
(4,031,250)
$8,341,250
Total Assets
Accounts payable
$125,000
Line of credit
Interest payable
Taxes payable
Current portion of LT debt
Long-term debt
25,000
(122,375)
200,000
3,400,000
Common shares
1,800,000
2,913,625
$8.341,250
Retained earnings
Total Liabilities & Sh. Equity

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