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Integrative Proforma 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 fnancial data are also available The fas estrated at its for 2020 wit be $891000 The fem expects to $34.00 inch videos in 2020 The firm with an animom ble of 530.000 And receive more proof an The wording investory will change awty thcranon 2020 (0) Anew icon $12,00 will be purchased in 2020. Talon 2020 wil 315.30 1) Account will change directly in the 2000 Tin mytie witsouth of the Bity on the profumantone Mae curtischer un no time and monk when an und Prepare a proforma contenere yow ended December 31, 2020 in the mood b. Prepare a proforme since sheet dated December 31, 2000 using the proach % Sales 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 A A A A A % $ $ To Retained earnings (Judgmental Method) Cash $ $ $ Marketable securities Accounts receivable Inventories Total current assets Net fixed assets $ $ $ Total assets $ Accounts payable $ Taxes payable $ Other current liabilities $ Total current liabilities $ Long-term debt $ $ Common stock $ Retained earnings External funds required $ 1 Total liabilities and stockholders' equity $ roach, the external funds requirement is $ Red Queen Restaurants Income Statement for the Year Ended December 31, 2019 Sales revenue $799,900 Less: Cost of goods sold 600,000 Gross profits $199,900 Less: Operating expenses 100,200 Net profits before taxes $99,700 Less: Taxes (rate = 21%) 20,937 Net profits after taxes $78,763 Less: Cash dividends 20,700 To retained earnings $58,063 Red Queen Restaurants Balance Sheet December 31, 2019 Assets Liabilities and Stockholders' Equity Cash $31,900 Accounts payable $100,000 Marketable securities 17,900 Taxes payable 19,700 Accounts receivable 150,300 Other current liabilities 6,000 Inventories 99,400 Total current liabilities $125,700 Total current assets $299,500 Long-term debt $198,200 Net fixed assets 349,900 Common stock $150,500 Retained earnings $175,000 Total assets $649,400 Total liabilities and equity $649,400 Integrative-Pro forma statements Red Queen Restaurants whes to prepare financial plora Use the financial statements and a thor information provided here prepare the racial pane. Their ranow detare available (1) The firm has estimated the sales for 2020 will be 589,600 (2) The firm expects to pay $35.100 in cash dividends in 2020 The fer wishes to maintan a minimum cash balance of $31.000 (4) Accounts receivable represent approximately 23% of annual (The fomending inventory will change directly with changes in sales in 2020 1) A new machine coating 543.900 will be purchased in 2020. Total depreciation for 2020 will be $17.000 Accounts payable will change directly in response to changes in stores in a will alone income b. Prepare a proforma balance sheet dated December 31, 2020, using the judgment approach Prepare a proforma income statement for the year ended December 1, 2020, sing the percent of sales method c. Analyze these temes, and discuss the resulting exemalancing red Marketable and common stock main danged Integrative Proforma 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 fnancial data are also available The fas estrated at its for 2020 wit be $891000 The fem expects to $34.00 inch videos in 2020 The firm with an animom ble of 530.000 And receive more proof an The wording investory will change awty thcranon 2020 (0) Anew icon $12,00 will be purchased in 2020. Talon 2020 wil 315.30 1) Account will change directly in the 2000 Tin mytie witsouth of the Bity on the profumantone Mae curtischer un no time and monk when an und Prepare a proforma contenere yow ended December 31, 2020 in the mood b. Prepare a proforme since sheet dated December 31, 2000 using the proach % Sales 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 A A A A A % $ $ To Retained earnings (Judgmental Method) Cash $ $ $ Marketable securities Accounts receivable Inventories Total current assets Net fixed assets $ $ $ Total assets $ Accounts payable $ Taxes payable $ Other current liabilities $ Total current liabilities $ Long-term debt $ $ Common stock $ Retained earnings External funds required $ 1 Total liabilities and stockholders' equity $ roach, the external funds requirement is $ Red Queen Restaurants Income Statement for the Year Ended December 31, 2019 Sales revenue $799,900 Less: Cost of goods sold 600,000 Gross profits $199,900 Less: Operating expenses 100,200 Net profits before taxes $99,700 Less: Taxes (rate = 21%) 20,937 Net profits after taxes $78,763 Less: Cash dividends 20,700 To retained earnings $58,063 Red Queen Restaurants Balance Sheet December 31, 2019 Assets Liabilities and Stockholders' Equity Cash $31,900 Accounts payable $100,000 Marketable securities 17,900 Taxes payable 19,700 Accounts receivable 150,300 Other current liabilities 6,000 Inventories 99,400 Total current liabilities $125,700 Total current assets $299,500 Long-term debt $198,200 Net fixed assets 349,900 Common stock $150,500 Retained earnings $175,000 Total assets $649,400 Total liabilities and equity $649,400 Integrative-Pro forma statements Red Queen Restaurants whes to prepare financial plora Use the financial statements and a thor information provided here prepare the racial pane. Their ranow detare available (1) The firm has estimated the sales for 2020 will be 589,600 (2) The firm expects to pay $35.100 in cash dividends in 2020 The fer wishes to maintan a minimum cash balance of $31.000 (4) Accounts receivable represent approximately 23% of annual (The fomending inventory will change directly with changes in sales in 2020 1) A new machine coating 543.900 will be purchased in 2020. Total depreciation for 2020 will be $17.000 Accounts payable will change directly in response to changes in stores in a will alone income b. Prepare a proforma balance sheet dated December 31, 2020, using the judgment approach Prepare a proforma income statement for the year ended December 1, 2020, sing the percent of sales method c. Analyze these temes, and discuss the resulting exemalancing red Marketable and common stock main danged