K Integrative-Pro forme 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 wil be $900,400. (2) The firm expects to pay $34,200 in cash dividends in 2020. (3) The firm wishes to maintain a minimum cash balance of $31,400. (4) Accounts receivable represent approximately 22% 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 $15,100. (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 securites, other current liabilities, long-term debt, and common stock will remain unchanged. Prepare a pro forma 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. e. Analyze these statements, and discuss the resulting extemal financing required CIED a. Prepare a pro forma income statement for the year ended December 31, 2020, using the percent-of-sales method. 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, 20201 (percent-of-sales method) Sales $ Less: Cost of goods sold $ Gross profita $ Less: Operating expenses $ Net profits before taxes $ Less: Taxes (rate 40%) Net profits after taxes Less: Cash dividends To Retained earnings the icon here in order to copy the contents of the data table below into a spreadsheet.) Red Queen Restaurants Income Statement for the Year Ended December 31, 2019 Sales revenue $799,900 Less: Cost of goods sold 600,300 Gross profits $199,600 Less: Operating expenses 99,700 Net profits before taxes $99,900 Less: Taxes (rate = 40%) 39,960 Net profits after taxes $59,940 Less: Cash dividends 19,500 To retained earnings $40,440 In the icon here in order to copy the contents of the data table below into a spreadsheet.) Red Queen Restaurants Balance Sheet December 31, 2019 ssets ash arketable securities ccounts receivable ventories $33,000 Liabilities and Stockholders' Equity Accounts payable $99,200 17,900 Taxes payable 20,500 150,000 Other current liabilities 4,900 99,100 Total current liabilities $124,600 Print Done wait Cxample - Gical an (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Red Queen Restaurants Balance Sheet December 31, 2019 Assets Cash Liabilities and Stockholders' Equity $33,000 Accounts payable $99,200 Marketable securities 17,900 Taxes payable 20,500 Accounts receivable 150,000 Other current liabilities 4,900 Inventories 99,100 Total current liabilities $124,600 Total current assets $300,000 Long-term debt $199,900 Net fixed assets 349,000 Common stock $149,500 Retained earnings $175,000 Total assets $649,000 Total liabilities and equity $649,000 Print Done