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Can someone help me with this problem? Assignment 2 Saved Help Save & Exit Submit Check my work mode: This shows what is correct or
Can someone help me with this problem?
Assignment 2 Saved Help Save & Exit Submit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 2 Consider the following simplified financial statements for the Steveston Corporation (assuming no income taxes): 10 points Statement of Comprehensive Income Sales $32,000 Costs 24,400 Net income $ 7,600 Statement of Financial Position Assets $ 25,300 Debt $ 5,800 19,500 Total $ 25,300 Total $25,300 Equity Steveston has predicted a sales increase of 15%. Assume Steveston pays out half of net income in the form of a cash dividend. Costs and assets vary with sales, but debt and equity do not. Prepare the pro forma statements. (Input all amounts as positive values. Omit $ sign in your response.) Pro forma Statement of Comprehensive Income Sales $ 36800 Costs 28060 Assets Pro forma Statement of Financial Position $ 29095 Debt $ 5225 Equity 23870 29095 Total $ 29095 Net income $ 8740 Total Determine the external financing needed. (Negative amount should be indicated by a minus sign. Omit $ sign in your response.) External financing needed $ Mc Graw HillStep by Step Solution
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