Balance Sheet $-$ January $2023$

Current Assets Current Liabilities

Cash.................................... $$10,000$ Accounts payable................ $15,000$

Accounts receivable...... $15,000$ Notes payable...................... $25,000$

Inventory............................ $25,500$ Bonds payable..................... $52,500$

Prepaid expenses........... $17,000$

Capital Assets...................

Plant and equipment....... $275,000$ Common stock..................... $81,000$

Acc. amortization.......... $60,000$ Retained earnings................ $109,000$

Net plant and equipment $215,000$

Total assets........................ $282,500$ Total liabilities and $$282,500$

Shareholders equity.............

Sales for $2023$ were $$220,000,$ with cost of goods sold being $60$ percent of sales. Amortization expense was $10$ percent of plant and equipment $($net$)$ at the beginning of the year. Interest expense for the bonds payable was $8$ percent, while interest on the notes payable was $10$ percent. These are based on December $31,2023,$ balances. Selling and administrative expenses were $$22,000,$ and the tax rate averaged $18$ percent.

During $2023,$ 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 $31,2023,$ at a cost of $$35,000.$ A cash dividend of $$12,800$ was paid to common shareholders at the end of $2023.$ Also, notes payable increased by $$6,000$ and bonds payable decreased by $$10,000.$ The common stock account did not change. Common Shares have a book value of $$5\mathrm{.}50/$share$.$

Prepare an income statement for $2023.$

Prepare a balance sheet as of December $31,2023.$

Prepare a statement of cash flows for the year ending December $31,2023.$ Please include a EPS calculation at the bottom of the statement.

Prepare a Pro$-$forma balance sheet for $2024$ if Sales is expected to grow by $20\%.$ Make any adjustments necessary to short and long$-$term debt.