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The most recent financial statements for Crosby, Incorporated, follow Sales for 2024 are projected to grow by 20 percent. Interest expense will remain constant, the tax rate and the dividend payout rate will also remain constant Costs, other expenses, current assets, and accounts payable Incresse spontaneously with sales. Sales Costs Other expenses Earnings before interest and taxes Interest paid Taxable income Taxes (243) Net Income Dividends Addition to retained earnings Current assets Cash CROSBY, INCORPORATED 2823 Income Statement Accounts receivable Inventory Total Fixed assets Not plant and equipent Total assets Assets Sales Costs Other expenses EBIT Interest Taxable income TAXAS Not income Pro Forme Income statement $ 31,335 69,745 43,588 91,960 156,180 $ 423,000 747,808 582,000 18,000 $ 147,000 14,000 CROSBY, INCORPORATED Balance Sheet as of December 31, 2023 133,000 31,928 $ 101,00 Liabilities and Owners' Equity Currant liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Comon stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity $ 579,180 In 2023, the firm operated at 80 percent of capacity. Construct the pro forms Income statement and balance sheet for the company Assume that fixed assets are sold so that the company has a 100 percent asset utilization. Note: Do not round Intermediate calculations. $ 54,808 14,800 $ 58,800 $ 130,000 $ 114,508 265,880 $380,388 $ 579,188

The most recent financial statements for Crosby, Incorporated, follow Sales for 2024 are projected to grow by 20 percent. Interest expense will remain constant, the tax rate and the dividend payout rate will also remain constant Costs, other expenses, current assets, and accounts payable Incresse spontaneously with sales. Sales Costs Other expenses Earnings before interest and taxes Interest paid Taxable income Taxes (243) Net Income Dividends Addition to retained earnings Current assets Cash CROSBY, INCORPORATED 2823 Income Statement Accounts receivable Inventory Total Fixed assets Not plant and equipent Total assets Assets Sales Costs Other expenses EBIT Interest Taxable income TAXAS Not income Pro Forme Income statement $ 31,335 69,745 43,588 91,960 156,180 $ 423,000 747,808 582,000 18,000 $ 147,000 14,000 CROSBY, INCORPORATED Balance Sheet as of December 31, 2023 133,000 31,928 $ 101,00 Liabilities and Owners' Equity Currant liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Comon stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity $ 579,180 In 2023, the firm operated at 80 percent of capacity. Construct the pro forms Income statement and balance sheet for the company Assume that fixed assets are sold so that the company has a 100 percent asset utilization. Note: Do not round Intermediate calculations. $ 54,808 14,800 $ 58,800 $ 130,000 $ 114,508 265,880 $380,388 $ 579,188

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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The most recent financial statements for Crosby, Incorporated, follow Sales for 2024 are projected to grow by 20 percent. Interest expense will remain constant, the tax rate and the dividend payout rate will also remain constant Costs, other expenses, current assets, and accounts payable incresse spontaneously with sales. Sales Costs Other expenses Earnings before interest and taxes Interest paid Taxable income Taxes (243) Net Income Dividends Addition to retained earnings Current assets Accounts receivable Inventory Total Total assets Fixed assets Net plant and equipent Sales Costs CROSBY, INCORPORATED 2823 Income Statement Other expenses EBIT Interest Taxable income Assets Pro Forme Income statement TAKAS Not income Cument assets Cash Accounts receivable Inventory Total Totalassos EFN Fixed assets Not plant and equipment Assets In 2023, the firm operated at 80 percent of capacity. Construct the pro forms Income statement and balance sheet for the company. Assume that fixed assets are sold so that the company has a 100 percent ssset utilization. Note: Do not round Intermediate calculations. $31,335 69,745 CROSBY, INCORPORATED Balance Sheet as of December 31, 2823 43,580 91,960 $ 156,180 $ 423,000 $ 579,180 $747,000 582,000 18,000. $147,000 14,000 $ 133,800 31,920 $ 181,0 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity Pro Forms Balance Sheet Current abilities Accounts payable Notes payable Total Long-term dat Owners equity $ 54,800 14,808 $68,800 $ 130,000 $ 114,500 265,880 $ 380,0 $ 579,180 Common stock and paid-in surplus Accumulated retained camings Total Total liabilities and owners equity Liabilities and Owners Equity What is the EFN? Note: A negative answer should be indicated by a minus sign. Do not round Intermediate calculations and round your answer to the nearest whole number, e.g. 32
Transcribed Image Text:The most recent financial statements for Crosby, Incorporated, follow Sales for 2024 are projected to grow by 20 percent. Interest expense will remain constant, the tax rate and the dividend payout rate will also remain constant Costs, other expenses, current assets, and accounts payable incresse spontaneously with sales. Sales Costs Other expenses Earnings before interest and taxes Interest paid Taxable income Taxes (243) Net Income Dividends Addition to retained earnings Current assets Accounts receivable Inventory Total Total assets Fixed assets Net plant and equipent Sales Costs CROSBY, INCORPORATED 2823 Income Statement Other expenses EBIT Interest Taxable income Assets Pro Forme Income statement TAKAS Not income Cument assets Cash Accounts receivable Inventory Total Totalassos EFN Fixed assets Not plant and equipment Assets In 2023, the firm operated at 80 percent of capacity. Construct the pro forms Income statement and balance sheet for the company. Assume that fixed assets are sold so that the company has a 100 percent ssset utilization. Note: Do not round Intermediate calculations. $31,335 69,745 CROSBY, INCORPORATED Balance Sheet as of December 31, 2823 43,580 91,960 $ 156,180 $ 423,000 $ 579,180 $747,000 582,000 18,000. $147,000 14,000 $ 133,800 31,920 $ 181,0 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total Total liabilities and owners' equity Pro Forms Balance Sheet Current abilities Accounts payable Notes payable Total Long-term dat Owners equity $ 54,800 14,808 $68,800 $ 130,000 $ 114,500 265,880 $ 380,0 $ 579,180 Common stock and paid-in surplus Accumulated retained camings Total Total liabilities and owners equity Liabilities and Owners Equity What is the EFN? Note: A negative answer should be indicated by a minus sign. Do not round Intermediate calculations and round your answer to the nearest whole number, e.g. 32
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