Do Homework - Cash Budget and Proforma Statements - Google Chrome mathul.com/Student/PlayerHomework.aspx?homework d=5944359538questionid=2&flushed=false&cd=6453282¢erwin=yes FIN 2002 - Business Finance (Spring 2021) umut ilgu 07/08/21 9:15 PM Save Homework: Cash Budget and Proforma Statements 7 Score: 0 of 1 pt 2 of 7 (1 complete) HW Score: 14.29%, 1 of 7 pts P4-20 (similar to) Question Helo y Sales revenue Integrative-Pro forma statements Red Queen Restaurants wishes to prepare financial plans. Use the financial statements and the other information provided here to prepare the financial plans. The following financial data are also available for next year (1) The firm has estimated that its sales will be $899,700. i Data Table (2) The firm expects to pay $34,700 in cash dividends. (3) The firm wishes to maintain a minimum cash balance of $31.400 (4) Accounts receivable represent approximately 23% of annual sales (5) The firm's ending inventory will change directly with changes in sales. $800,700 (6) Red Queen will purchase new machine costing S43,500 and have total depreciation of S16,900 Less. Cost of goods sold 800,700 (7) Accounts payable will change directly in response to changes in sales. Gross pronts $200,000 (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 Less: Operating expenses 100.700 a. Prepare a proforma income statement for next year using the percent of sales method Net profits before taxes 599 300 b. Prepare a pro forma balance sheet for next year, using the judgmental approach. Less: Taxes (rate = 409) 39.720 percent-or-sales metnoa) Net profits after taxes $59,550 Sales $ Less. Cash dividends 20,800 To retained earnings S3B 780 Less: Cost of goods sold $ Gross profils (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) $ Less: Operating expenses $ Red Queen Restaurants Balance Sheet for the Year Just Ended Assets Liabilities and Stockholders' Equity Net profits before taxes $ Cash $31,700 Accounts payable $99.700 Less Taxes (rate=40%) $ Marketable securities 17.100 Taxes payable 21 000 $ Net profits after taxes Accounts receivable 150,200 Other current liabilities 5,600 Inventories 100,700 Total current liabilities $125,300 Less: Cash dividends $ Total current assets $299,700 Long-term debt $199.500 To Retained earnings Net fixed assets Common stock $149,800 Retained earnings $175.000 Total assets S649.400 Total liabilities and equity S649 400 Enter any number in the edit fields and then click Check Answer. 349,700 ? Print Done 3 parts remaining Clear All . TL 21:15 8.7.2021