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From the following Income Statement and Balance Sheet prepare a pro forma balance sheet showing EFN, assuming 15% increase in sales, no new external debt

From the following Income Statement and Balance Sheet prepare a pro forma balance sheet showing EFN, assuming 15% increase in sales, no new external debt or equity financing and a constant payout ratio.

Heir Jordon Corporation Income Statement
Sales $46,000.00 Dividends
Costs $37,600.00 $2,400.00
Taxable Income $8,400.00 Addition to retain earnings
Taxes (34%) $2,940.00 $3,060.00
Net Income $5,460.00
Heir Jordan Corporation Balance Sheet
Assets Liabilities and owners Equity
$ % of Sales $ % of Sales
Current Assets Current liabilities
Cash 2950 Accounts Payable 2400
Accounts receivable 4100 Notes Payable 5400
Inventory 6400 Total 7800
Total 13450 Long Term Debt 28000
Fixed Assets Owners Equity
Net plant & Equipment 41300 Common stock & paid in surplus 15000
Retained earnings 3950
Total 18950
Total assets 54750 Total liabilities & owners equity 54750

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