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Consider the following statement of comprehensive income for the Dartmoor Corporation: DARTMOOR CORPORATION Statement of Comprehensive Income Sales Costs $47,000 31,300 Taxable income $15,700
Consider the following statement of comprehensive income for the Dartmoor Corporation: DARTMOOR CORPORATION Statement of Comprehensive Income Sales Costs $47,000 31,300 Taxable income $15,700 Taxes (34%) Net income 5,338 $10,362 Dividends Addition to retained earnings $2,500 7,862 The statement of financial position for the Dartmoor Corporation follows. DARTMOOR CORPORATION Statement of Financial Position Assets Liabilities and Owners' Equity Current assets Cash Accounts receivable Current liabilities $ 2,950 4,100 Accounts payable Notes payable $ 2,400 5,400 Inventory Total 6,400 Total $13,450 Long-term debt Owners' equity Fixed assets Net plant and equipment $41,300 Common stock and paid-in surplus Retained earnings Total $ 7,800 $28,000 $15,000 3,950 Total assets $54,750 Total liabilities and owners' equity $18,950 $54,750 Prepare a pro forma statement of financial position, assuming a 15% increase in sales, no new external debt or equity financing, and a constant payout ratio. (Do not round intermediate calculations. Round the final answers to 2 decimal places. Omit $ sign in your response.)
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