Data table (Click on the icon located on the top right comes of the data tables below in order to copy its contents in spreadsheet) Red Queen Restaurants Income Statement D for the Year Ended December 31, 2019 Sales revenue $799 200 Less Cost of goods sold 600.800 Gross profits $198.400 Less Operating expenses 99 200 Net profits before taxes $99 200 Less Taxes (rate -21%) 20,832 Net profits after taxes 578.368 Less Cash dividends 19.000 To retained earnings 559,368 Red Queen Restaurants Balance Sheet December 31, 2019 Assets Liabilities and Stockholders' Equity Cash $32.500 Accounts payable $99 200 Marketable securities 17 800 Taxes payable 19,800 Accounts receivable 150 800 Other current fibi 4000 Inventories 99 200 Total current abilis $123.000 Total current assets $300 400 Long term debt $200,000 Not foxed assets 349.000 Common stock $150 600 Retained deamings $175.000 Total assets 5649,400 Total liabilities and equity $649.400 Print Done Integrative-Pro forma statements Red Queen Restaurants wishes to prepare financial plans. Use the financial st (1) The firm has estimated that its sales for 2020 will be $899.700 (2) The firm expects to pay $36.000 in cash dividends in 2020 (3) The firm wishes to maintain a minimum cash balance of $31, 100 (4) Accounts receivable represent approximately 21% of annual sales, (5) The firm's ending inventory will change directly with changes in sales in 2020 (6) A new machine costing $42.900 will be purchased in 2020. Total depreciation for 2020 will be $15 800 (7) Accounts payable will change directly in response to changes in sales in 2020 (8) Taxes payable will equal one-fourth of the tax liability on the pro forma income statement (9) Marketable securities, other current liabilities, long-term debt and common stock will remain unchanged a. Prepare a pro forma income statement for the year ended December 31, 2020 using the percent-of-sales Method b. Prepare a pro forma balance sheet dated December 31, 2020, using the Judgmental approach c. Analyze these statements, and discuss the resulting external financing required a. Prepare a pro forma income statement for the year ended December 31, 2020 using the percent-of-sales method Complete the pro forma income statement for the year ended December 31, 2020 below. Round to the nearest dol Pro Forma Income Statement Red Queen Restaurants for the Year Ended December 31, 2020 (percent-of-sales method) Sales 9 98 $ $ S Less Cost of goods sold Gross profits Less Operating expenses Net profits before taxes Less Taxes (rate - 21%) Net profits after taxes Less Cash dividends To Retained earnings S 5 S S