Donald Martin, Swifty & George's controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The company's balance sheet as of December 31 is as follows: a Cash $32.100 22.500 98.200 49,280 300,000 (75,000) Finished Goods Inventory Accounts Receivable (net) Raw Materials Inventory Property, Plant & Equipment Accumulated Depreciation Total Assets Accounts Payable Income Tax Payable Common Stock Retained Earnings Total Liabilities & Owners Equity $427.080 $ 15,000 26,400 100,000 285,680 $427.080 Quarter $ 1.774.300 425,700 Selected Estimates Budgeted revenue Selling and administrative expense Interest expense Cash Cost of Goods Sold Accounts receivable (net) 370 50.380 1.385,630 174.720 Direct materials 29.160 Finished 104220 Selected Estimates Quarter $ 1.774.300 425.700 370 50.380 1.385,630 Budgeted revenue Selling and administrative expense Interest expense Cash Cost of Goods Sold Accounts receivable (net) Direct materials Finished goods Accounts payable Notes payable 174,720 29.160 104.720 218,700 5.000 a Additional Informations Swifty & George plans to purchase and pay cash for a piece of land in February at a cost of $ 20.000. Swifty & George plans to purchase equipment in March at a cost of $ 30,000 Depreciation for manufacturing overhead $ 42.000 per quarter and for selling and administrative $ 30.000 per month The company expects a 30% income tax rate, and all quarterly taxes are paid in the first month of the following quarter. (a) Your answer is correct Your answer is correct. Prepare Swifty & George's pro-forma income statement for the first quarter. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses es. (451) Swifty& Hill Income Statement First Quarter Sales Reven $ 1774300 Cost of Goods Sold 1385630 Gross Margin 388670 Selling & Administrative Expense 425700 Operating Income/(Loss) 37030 Interest Exp 370 Income Before 37400 9 Income Tax Expense Net Income loud e Textbook and Media Attempts: unlimited 1 Question 9 of 10 Prepare Swifty & George's pro-forma balance sheet as of March 31. Swifty& Hill Balance Sheet March 31 > V v eTextbook and Media Attempts: unlimited Submit