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Integrative-Pro forma statements Red Queen Restaurants wishes to prepare financial plans. Use the financial statements and the other information provided here to prepare the financial plans. The following financial data are also available: (1) The firm has estimated that its sales for 2020 will be $900,100 (2) The firm expects to pay $34,000 in cash dividends in 2020. (4) Accounts receivable represent approximately 24% of annual sales. (5) The firm's ending inventory will change directly with changes in sales in 2020. (6) A new machine costing $43,300 will be purchased in 2020. Total depreciation for 2020 will be $16.700. (7) Accounts payable will change directly in response to changes in sales in 2020. (8) Taxos payable will equal one-fourth of the tax liability on the proforma income statement (9) Markotable securities, other current liabilities, long-term debt and common stock will remain unchanged. a. Prepare a proforma income statement for the year ended December 31, 2020, using the percent of sales method b. Prepare a pro forma balance sheet dated December 31, 2020, using the judgmental approach a. Prepare a pro forma income statement for the yoar onded December 31, 2020, using the percent-of-sales method. Complete the proforma income statement for the year ended December 31, 2020 below. (Round to the nearest dollar. Round the percentage of sales to four decimal places.) Pro Forma Income Statement Red Queen Restaurants (percent-of-sales method) Sales Less: Cost of goods sold Gross profits C ururule dx ilability on the pro forma incomes 9) Marketable securities, other current liabilities, long-term debt, and common stoc 1. Prepare a pro forma income statement for the year ended December 31, 2020, . Prepare a pro forma balance sheet dated December 31, 2020, using the judgme (percent-of-sales method) Sales Less: Cost of goods sold Gross profits Less: Operating expenses Net profits before taxes Less: Taxes (rate = 40%) Net profits after taxes Less: Cash dividends To Retained earnings Enter any number in the edit fields and then click Check Answer. Assets Liabilities and Stockholders' equity Cash Accounts payable Marketable securities Taxes payable Accounts receivable Other current liabilities Inventories Total current liabilities Total current assets Long-term debt Vet fixed assets Total liabilities Total assets Common stocks Retained earnings Total liabilities and stockholders' equity Red Queen Restaurants Income Statement for the Year Ended December 31, 2019 Sales revenue $800,800 Less: Cost of goods sold 599,400 Gross profits $201.400 Less: Operating expenses h00,300 Net profits before taxes $101,100 Less: Taxes (rate = 40%) 40,440 Net profits after taxes $60,660 Less: Cash dividends 20,900 To retained earnings $39,760 Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Cash Red Queen Restaurants Balance Sheet December 31, 2019 Assets Liabilities and Stockholders' Equity $31,500 Accounts payable $100,400 Marketable securities 17,200 Taxes payable 19,600 Accounts receivable 149,800 Other current liabilities 5,800 Inventories 99,700 Total current liabilities $125,800 Total current assets $298,200 Long-term debt $198,900 Net fixed assets 350,700 Common stock $149,200 Retained earnings $175,000 $648,900 Total assets $648,900 Total liabilities and equity