Complete Mae's pro forma balance sheet and the cash budget for the months of January, February, and March only. Identify how much additional funds Mae requires (if any). When entering dollar values, omit the dollar sign. Please save your work for partial credit.

The following information is in the Excel sheet, but included below for reference:

Mae is considering keeping her flower business open on Sundays next year. If she does so, she hopes for an additional 10% increase in sales but will have to pay an additional $2500 in SGA (wages). Mae would like a minimum cash balance of at least $2000. She has already completed a pro forma income statement. Complete her pro forma balance sheet. Will any additional funds be needed next year and if so, how much?

Additionally, prepare a month cash budget for January, February, and March. Monthly sales and materials orders are shown. Mae would like to keep at least $2000 cash on hand at all times. Additionally, she is expecting a $200 tax payment in January and a $800 interest payment also in January. Her SGA expenses are paid at $1200 every month. She is starting January with cash of $2300 and existing financing of $1250.

2016 2017 $ 34,000 11,900 22,100 19,500 800 1,800 800 1,000 250 $ 750 $ 37,400 13,090 24,310 22,000 800 1,510 800 710 178 $ 533 Mae's flower business didn't make much money last year. She's considering staying open on Sundays. If she does so, she expects: - a 10% increase in sales - another $2500 in SGA - would like to keep at least $2000 in cash on hand at all times Mae already has completed a forecasted income statement Please complete a pro forma balance sheet Will she require any additional funds next year? (And if so, how much?) $ $ $ $ 750 533 3 4 5 Sales 6 Cost of Goods Sold 7 Gross Profit 8 SGA 9 Depreciation 10 Operating Income (EBIT) 11 Interest Expense 12 Earnings Before Taxes 13 Income Tax (25%) 14 Net Income 15 16 Dividends Paid 17 Change in Retained Earnings 18 19 20 21 22 23 Assets 24 Cash 25 Accounts Receivable 26 Inventory 27 Total Current Assets 28 29 Fixed Assets, Gross 30 Less Accumulated Depreciation 31 Fixed Assets, Net 32 33 Total Assets 24 Mae's Flowers Balance Sheet 2016 2017 2016 2017 $ $ 2,200 480 3,600 6,280 Liabilities and Equity Accounts Payable Notes Payable Total Current Liabilities Long-Term Debt Total Liabilities 800 1,250 2,050 8,000 10,050 16,000 4,000 12,000 Common Stock ($1 par) Retained Earnings Total Common Equity Total Liabilities and Equity 100 8,130 8,230 $ 18,280 $ 18,280 2016 2017 $ 34,000 11,900 22,100 19,500 800 1,800 800 1,000 250 $ 750 $ 37,400 13,090 24,310 22,000 800 1,510 800 710 178 $ 533 Mae's flower business didn't make much money last year. She's considering staying open on Sundays. If she does so, she expects: - a 10% increase in sales - another $2500 in SGA - would like to keep at least $2000 in cash on hand at all times Mae already has completed a forecasted income statement Please complete a pro forma balance sheet Will she require any additional funds next year? (And if so, how much?) $ $ $ $ 750 533 3 4 5 Sales 6 Cost of Goods Sold 7 Gross Profit 8 SGA 9 Depreciation 10 Operating Income (EBIT) 11 Interest Expense 12 Earnings Before Taxes 13 Income Tax (25%) 14 Net Income 15 16 Dividends Paid 17 Change in Retained Earnings 18 19 20 21 22 23 Assets 24 Cash 25 Accounts Receivable 26 Inventory 27 Total Current Assets 28 29 Fixed Assets, Gross 30 Less Accumulated Depreciation 31 Fixed Assets, Net 32 33 Total Assets 24 Mae's Flowers Balance Sheet 2016 2017 2016 2017 $ $ 2,200 480 3,600 6,280 Liabilities and Equity Accounts Payable Notes Payable Total Current Liabilities Long-Term Debt Total Liabilities 800 1,250 2,050 8,000 10,050 16,000 4,000 12,000 Common Stock ($1 par) Retained Earnings Total Common Equity Total Liabilities and Equity 100 8,130 8,230 $ 18,280 $ 18,280