For 2021, the firm expects sales to increase by 9%, COGS will decrease by 3% from its current percent of sales while expenses will increase by 2% from its current percent of sales. Interest will be at a 6% interest rate and will only be on long-term debt, which is expected to rise by $7,000 Current assets are expected to rise by 4% from their current percent of sales while fixed assets will increase by $6,000. No sale of stock is expected and no dividends will be paid. Taxes are expected to be at the same tax rate as in 2020. Any shortfalls will be made up in current liabilities.

Prepare a pro forma income statement and balance sheet for 2021, properly labeled and in good accounting order. Work to the nearest dollar.

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The Pampa Paint Co. has the following financial statements from Dec. 31, 2020. Income Statement Sales - COGS Gross Profits - Expenses EBIT - Interest EBT - Taxes EAT 27,000 -19,440 7,560 -4,050 3,510 -1,100 2,410 - 482 1,928 Balance Sheet Current Assets Fixed Assets Total Assets 17,280 45,600 62,880 Current Liabilities L-T Debt Equity total Liabilities & Equity 14,400 18,500 29,980 62,880