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Financing Deficit Garlington Technologies Inc. ' s 2 0 2 1 financial statements are shown below: Income Statement for December 3 1 , 2 0
Financing Deficit
Garlington Technologies Inc.s financial statements are shown below:
Income Statement for December
Sales $
Operating costs
EBIT $
Interest
Pretax earnings $
Taxes
Net income
Dividends $
Balance Sheet as of December
Cash $ Accounts payable $
Receivables Line of credit
Inventories Accruals
Total CA $ Total CL $
Fixed assets Longterm bonds
Total Assets $ Common stock
RE
Total L&E $
Suppose that in sales increase to $ million and that dividends will increase to $ Forecast the financial statements using the forecasted financial statement method. Assume the firm operated at full capacity in The longterm bonds have an interest rate of New financing will be with a line of credit. Assume it will be added at the end of the year. Cash does not earn any interest income. Enter your answers as positive values. Do not round intermediate calculations. Round your answers to the nearest dollar.
Garlington Technologies Inc.
Pro Forma Income Statement
December
Sales $
Operating costs $
EBIT $
Interest $
Pretax earnings $
Taxes $
Net income $
Dividends: $
Addition to RE: $
Garlington Technologies Inc.
Pro Forma Balance Statement
December
Cash $
Receivables $
Inventories $
Total current assets $
Fixed assets $
Total assets $
Accounts payable $
Line of credit $
Accruals $
Total current liabilities $
LT bonds $
Common stock $
Retained earnings $
Total L&E $
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