AutoSave off Financial Statement Assignment - FINA 255(1)(1) Search Navratan- N File Home Insert Page Layout Formulas Data Review View Automate Help Comments Share Times New Roman 17 ' ' == Wrap Text General AutoSum ( Paste BIU a A Merge & Center x $ w % +8 +8 Conditional Format as Cell Insert Delete Format Fill Formatting Table Styles Clear Sort & Find & Filter Select Undo Cipboard B7 Font 5 Algnment F Number Styles Cels Editing Analyze Data Analysis Balance Sheet - January 2022 2 Cash. 4 Accounts receivable. 5 Inventory Prepaid expenses........... Capital Assets.. Plant and equipment 9 Ace amortization 10 Net plant and equipment 11 12 Total assets.. 13 14 15 Current Assets B D $ 10,000 Current Liabilities Accounts payable. 15,000 Notes payable 25.500 Bonds payable. 17,000 15,000 25,000 52,500 275,000 60,000 Common stock. Retained earnings 81,000 109,000 215,000 Total liabilities and 282,500 Shareholders' equity.. $282,500 Sales for 2022 were $220,000, with cost of goods sold being 60 percent of sales. Amortization expense was 10 percent of plant and equipment (net) at the beginning of the year. Interest expense for the bonds payable was 8 percent, while interest on the notes payable was 10 percent. These are based on December 31, 2022, balances. Selling and administrative expenses were $22,000, and the tax rate averaged 18 percent. During 2022, the prepaid expense balance was unchanged. Accounts receivable and inventory each increased by 10 percent, and accounts payable increased by 25 percent. A new machine was purchased on December 31, 2022, at a cost of $35,000. A cash dividend of $12,800 was paid to common shareholders at the end of 2022. Also, notes payable increased by $6,000 and bonds payable decreased by $10,000. The common stock account did not change. 16 17 Prepare an income statement for 2022. 18 Prepare a balance sheet as of December 31, 2022. 19 Prepare a statement of cash flows for the year ending December 31, 2022. 20 Prepare a Pro-forma balance sheet for 2023 if Sales is expected to grow by 20%. Make any adjustments necessary to short and long-term debt. 21 22 23 Balance Sheet 2022 Ready Accessibility: Investigate Search . K L M N 0 P R S 1 8. ENG US 1:35 AM 2/21/23 59%