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: Cash $ 32,100 22,500 98,200 Finished Goods Inventory Accounts Receivable (net) Raw Materials inventory Property, Plant & Equipment Accumulated Depreciation 49,280 300,000 (75.000) $ 427,080 Total Assets Accounts Payable Income Tax Payable Common Stock Retained Earnings $ 15,000 26,400 100,000 285,680 Total Liabilities & Owners Equity $427,080 --- Quarter $1.774.300 Selected Estimates Budgeted revenue Selling and administrative expense Interest expense Cash 425,700 370 50,380 Cost of Goods Sold 1.385,630 174,720 29.160 Accounts receivable (net) Direct materials Finished goods Accounts payable Notes payable 104.720 218,700 5.000 Additional Information: swifty & George plans to purchase and pay cash for a piece of land in February at a cost of $ 90,000 Swifty & George plans to purchase equipment in March at a cost of 30,000, Depreciation for manufacturing overhead 5 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. Prepare Swifty & George's pro forma balance sheet as of March 31. Swifty& Hill Balance Sheet March 31 Cash V Accounts Receivable Raw Materials inventory Finished Goods Inventory Accumulated Depreciation Property, Plant & Equipment Total Assets Accounts Payable Note Payable Common Stock Note Pavable Total and Eques e Textbook and Media