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 $34,400 in cash dividends in 2020. (3) The firm wishes to maintain a minimum cash balance of $30,100. (4) Accounts receivable represent approximately 18% of annual sales (5) The furm's ending inventory will change directly with changes in sales in 2020. (6) A new machine costing $43,400 will be purchased in 2020. Total depreciation for 2020 will be $16,400. (7) Accounts payable will change directly in response to changes in sales in 2020 (8) Taxes payable will equal one-fourth of the tax liability on the pro forma income statement. (9) Marketable securities, other current liabilities, long term debt, and common stock will remain unchanged. a. Prepare a pro forma income statement for the year ended December 31, 2020, using the percont-of-sales a. Prepare a pro forma income statement for the year ended December 31, 2020, using the percent-of sales mothod. Complete the pro forma 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 for the Year Ended December 31, 2020 Data table (Click on the icon here in order to copy the contents of the data table below into a spreadsheet) (Click on the icon here Q in order to copy the contents of the data table below into a spreadsheet) Red Queen Restaurants Balance Sheet December 31, 2019 Data table (Click on the icon here in order to copy the contents of the data table below into a spreadsheet) .400. Pro Forma Income Statement Red Queen Restaurants for the Year Ended December 31, 2020 Gross profits Less: Operating expenses Net profits before taxes Less: Taxes (rate =40% ) Net profits after taxes tess. Cash dividends To Retained earnings % b. Prepare a pro forma balance sheet dated December 31,2020 , using the undgmentar approach Complete assets part of the pro forma balance sheet as of December 31,2020 below (Round to the neareat dollar.) Cash Markotablo securities Accounts receivable Inventomes Tolal current assots Net foxed assets Total assets Complete liabilities and stockholders' equity part of the pro forma balance sheet as of December 31, 2020 below. (Round to the nearest dollar) \begin{tabular}{l} \hline Accounts payable \\ Taxes payable \\ Other current labilities \\ Total current liabilities \\ Long-term dobt \\ Common stock \\ Retained earnings \end{tabular} e this View an example Get more help - Clear all Check answer c. Using the judgmental approach, the external funds requirement is \$ (Round to the nearest dollar) 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 $34,400 in cash dividends in 2020. (3) The firm wishes to maintain a minimum cash balance of $30,100. (4) Accounts receivable represent approximately 18% of annual sales (5) The furm's ending inventory will change directly with changes in sales in 2020. (6) A new machine costing $43,400 will be purchased in 2020. Total depreciation for 2020 will be $16,400. (7) Accounts payable will change directly in response to changes in sales in 2020 (8) Taxes payable will equal one-fourth of the tax liability on the pro forma income statement. (9) Marketable securities, other current liabilities, long term debt, and common stock will remain unchanged. a. Prepare a pro forma income statement for the year ended December 31, 2020, using the percont-of-sales a. Prepare a pro forma income statement for the year ended December 31, 2020, using the percent-of sales mothod. Complete the pro forma 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 for the Year Ended December 31, 2020 Data table (Click on the icon here in order to copy the contents of the data table below into a spreadsheet) (Click on the icon here Q in order to copy the contents of the data table below into a spreadsheet) Red Queen Restaurants Balance Sheet December 31, 2019 Data table (Click on the icon here in order to copy the contents of the data table below into a spreadsheet) .400. Pro Forma Income Statement Red Queen Restaurants for the Year Ended December 31, 2020 Gross profits Less: Operating expenses Net profits before taxes Less: Taxes (rate =40% ) Net profits after taxes tess. Cash dividends To Retained earnings % b. Prepare a pro forma balance sheet dated December 31,2020 , using the undgmentar approach Complete assets part of the pro forma balance sheet as of December 31,2020 below (Round to the neareat dollar.) Cash Markotablo securities Accounts receivable Inventomes Tolal current assots Net foxed assets Total assets Complete liabilities and stockholders' equity part of the pro forma balance sheet as of December 31, 2020 below. (Round to the nearest dollar) \begin{tabular}{l} \hline Accounts payable \\ Taxes payable \\ Other current labilities \\ Total current liabilities \\ Long-term dobt \\ Common stock \\ Retained earnings \end{tabular} e this View an example Get more help - Clear all Check answer c. Using the judgmental approach, the external funds requirement is \$ (Round to the nearest dollar)
