Cash Accounts receivable Inventory Prepaid expenses Total current assets Gross fixed assets Less: accumulated depreciation Net fixed assets Total assets Base year 22 111 122 23 278 439 27 412 690 Line of credit Accounts payable Current portion LTD Total current liabilities Term bank loans Total long term liabilities Common Stock Retained earnings Total shareholders' equity Total liabilities & equity 127 88 53 268 315 315 84 23 107 690 Base year Net sales Cost of goods sold 2,226 878 Stroforma assumptions: Net sales will decrease by 11%, interest expense is $15.2; depreciation expense is $52, tax expense is $467. Other income statement expenses are proportional to sales. Net income is $589. Proforma year AP days and ACP are same as those in base year. Inventory days is 51 days. GFA will increase by $172 and it will be financed by long-term bank loans. CMLTD for proforma year will be same as in base year. Common Stock is $84. Proforma dividends=$500. Prepaid expenses are proportional to sales. Minimum cash ratio is 1%. Excel:/content/enforced2/2233046-C0.090.FI.F14020.13816.20214/ExcelQuiz Pro-11.xlsx Formulas:/content/enforced2/2233046-C0.090.FI.F14020.13816.20214/FORMULAS.pdf Slides: /content/enforced2/2233046-C0.090.FI.F14020.13816.20214/Pro Forma Slides.pdf Use the information above. What is proforma net sales? 2,226 1,981 1,891 2,449