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ch12 6. Pro forma income statement. Given the income statement in the popup window, for California Cement Company for 2013 and an expected sales growth
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6. Pro forma income statement.Given the income statement in the popup window, for California Cement Company for 2013 and an expected sales growth rate of 6.91% for 2014, prepare a pro forma income statement for 2014.
California Cement Company | ||
Income Statement for 2013 | ||
Sales revenue | $ | 22,823,000 |
Cost of goods sold | $ | -11,689,000 |
Selling, general, and administrative expenses | $ | -3,937,000 |
Depreciation expenses | $ | -1,349,000 |
EBIT | $ | 5,848,000 |
Interest expense | $ | -174,000 |
Taxable income | $ | 5,674,000 |
Taxes | $ | -2,486,606 |
Net income | $ | 3,187,394 |
First, find the percentage of each income statement line from 2013 as a percent of sales.(Round to three decimal places.)
California Cement Company | ||||
Income Statement for 2013 | ||||
Sales revenue | $ | 22,823,000 | % | |
Cost of goods sold | $ | -11,689,000 | % | |
Selling, general, and administrative expenses | $ | -3,937,000 | % | |
Depreciation expenses | $ | -1,349,000 | % | |
EBIT | $ | 5,848,000 | % | |
Interest expense | $ | -174,000 | % | |
Taxable income | $ | 5,674,000 | % | |
Taxes | $ | -2,486,606 | % | |
Net income | $ | 3,187,394 | % |
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