Budgeting:

Confab Company provides a partial balance sheet at $12/31/20$x$1$which shows the following:

Cash............................ $ $9,000$

Accounts Receivable......... $0$

Inventory $.....................58,000$

Total Current Assets $$67,000$

Also, the Accounts Payable balance at $12/31/20$x$1$ is zero.

The following information is available concerning expected activities for the year $20$X$2$:

$$ The sales forecast shows expected sales of $$375,000,85\%$ of which is expected to be collected during $20$X$2.$

$$ The inventory purchases budget shows expected purchases of $$260,000,90\%$ of which is expected to be paid during $20$X$2.$

$$ Other operating expenses for $20$X$2$ include Salaries $$63,000,$ Rental Costs $$18,000,$ and Depreciation Expense $$12,000.$ All cash operating expenses for $20$X$2$ will be paid in $20$X$2.$

$$ The cost of goods sold is $65\%$ of sales.

Required:

$($a$)$ Prepare a proforma income statement for $20$X$2.$

$($b$)$ Prepare the current assets section of the proforma balance sheet for the end of $20$X$2.$