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Need to fill in the blanks. ( Proforma's) Leonard Industries wishes to prepare a pro forma balance sheet for next year. The firm expects sales

image text in transcribed Need to fill in the blanks. ( Proforma's)

Leonard Industries wishes to prepare a pro forma balance sheet for next year. The firm expects sales to total $3,000,000. The following information has been gathered. (1) A minimum cash balance of $50,000 is desired. (2) Marketable securities will remain unchanged. (3) Accounts receivable represent 9.7% of sales. (4) Inventories represent 11.7% of sales. (5) Leonard will acquire a new machine costing 590,100. Total depreciation for the year will be $32,400. (6) Accounts payable represent 14.1% of sales. (7) Accruals, other current liabilities, long-term debt, and common stock will remain unchanged. (8) The firm's net profit margin is 3.9%, and it expects to pay out $69,700 in cash dividends next year. Assets Current Proforma Liabilities and Stockholders' Equity Current Proforma Cash 453001 Accounts payable 395400 Marketable securities 14700 Accruals 59700 Accounts receivable 2553001 Other current liabilities 30000 Inventories 339700 Total current liabilities 485100 Total current assets 655000 Long-term debt 349900 Net fixed assets 5998001 Common stock 1995001 Retained earnings 220300 External funds required Total assets 1254800 Total liabilities and stockholders' equity 1254800

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