A financial manager at General Talc Mines has gathered the financial data essential to prepare a pro forma balance sheet for cash and profit planning purposes for the coming year ended December 31, 2019. Using the percent-of-sales method and the following financial data, prepare the pro forma balance sheet in order to answer the following multiple choice questions. (a) The firm estimates sales of $1,000,000. (b) The firm maintains a cash balance of $25,000. (c) Accounts receivable represents 15 percent of sales (d) Inventory represents 35 percent of sales. (e) Anew piece of mining equipment costing $150,000 will be purchased in 2019. Total depreciation for 2019 will be $75,000. (f) Accounts payable represents 10 percent of sales. (g) There will be no change in notes payable, accruals, and common stock (h) The firm plans to retire a long term note of $100.000. () Dividends of $45.000 will be paid in 2019 D The firm predicts a 4 percent net profit margin Balonce Sheet General Talc Mines December 31, 2018 Assets $ 25.000 Cash Accounts receivable 120000 $445,000 Insentones Total current aeet $300 000 Netfoed assets $ 945,000 Total assets Liabilities and stockholders S 80000 Accos ealde Nass peable Accruals Totaloinent labtis Long tem deos Totalatir Stackhaides ssa Comean stck Fetsredeeige 350000 20000 S 450 000 150000 s 630,000 380.000 135,000 5215000 943 000 tets ockhoiders qat and teckhaide euth The external financing required in 2019 will be . (See Table 4.5) o $230,000 $240,000 $0 $195,000 A financial manager at General Talc Mines has gathered the financial data essential to prepare a pro forma balance sheet for cash and profit planning purposes for the coming year ended December 31, 2019. Using the percent-of-sales method and the following financial data, prepare the pro forma balance sheet in order to answer the following multiple choice questions. (a) The firm estimates sales of $1,000,000. (b) The firm maintains a cash balance of $25,000. (c) Accounts receivable represents 15 percent of sales (d) Inventory represents 35 percent of sales. (e) Anew piece of mining equipment costing $150,000 will be purchased in 2019. Total depreciation for 2019 will be $75,000. (f) Accounts payable represents 10 percent of sales. (g) There will be no change in notes payable, accruals, and common stock (h) The firm plans to retire a long term note of $100.000. () Dividends of $45.000 will be paid in 2019 D The firm predicts a 4 percent net profit margin Balonce Sheet General Talc Mines December 31, 2018 Assets $ 25.000 Cash Accounts receivable 120000 $445,000 Insentones Total current aeet $300 000 Netfoed assets $ 945,000 Total assets Liabilities and stockholders S 80000 Accos ealde Nass peable Accruals Totaloinent labtis Long tem deos Totalatir Stackhaides ssa Comean stck Fetsredeeige 350000 20000 S 450 000 150000 s 630,000 380.000 135,000 5215000 943 000 tets ockhoiders qat and teckhaide euth The external financing required in 2019 will be . (See Table 4.5) o $230,000 $240,000 $0 $195,000