P4-19 (similar to) Pro forma balance sheet Posbody & Peabody has 2019 sales of $10.2 million. It wishes to analyze expected p Question Heip porfommance and financing needs for 2021-2 years ahead Given the following information, respond o parts a and b. (1) The perorts of sales for lernstat vary drecty wth sales are asfoows Acounts recevable; 12.1%, Inventory, 179%; Aco unts payable, 142%: Net proft maren, 27% 2) Marketable securities and other oument liablities are expected to romain unchanged (3) A minimum cash balance of $480,000 is desired )A new machine coating $653,000 will be acquired in 2020, and equipment costing $861,000 will be purchased in 2021. Total depreciation in 2020 is forecat as $288,000, and in 2001 $303,000 of depreciation will be taken 6) Aconuals are expected to rise to $497,000 by the end of 2021, 16) No sale or retrerrert ofterm debisexpected 7) No sale or repurchase of common stock is expected (B) The div dend payout of 50% of net ponts isexpected to continue (9) Sales are expected to be $11.4milion in 2020 and $11.3 milion in 2021 10) The December 31, 2019, balance sheet is here a Prepare a pro forma balance sheet dated December 31, 2021 Complene the assets part of the pro forma balance sheet for Peabody &Peabody for December 31, 2021 below (Round to the nearest dollar ) Peabody & Peabody December 31, 2021 Current assets Marketable securtes Emter any number in the edit fields and then click Check Answer Clear All 2 3 5 6 tems that vary directly with sales are as follows: Accounts receivable; 12.1%, Inventory, 17.9%; Accounts other current liabilities are expected to remain unchanged. of $480,000 is desired payable, 14.2% Net profit margin, 27%. 53,000 will in 20 Data Table ise to $49 ng-term de common st 0%ofnet $11.4 millic ( Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) the , balance s ce sheet da Leonard Industries Balance Sheet December 31, 2019 Assets Cash Liabilities and Stockholders' Equity 398,000Accounts payable the pro fornm orma Balan abody & Pe ecember 31 $1,404,000 404,000 80,200 $1,888,200 1,988,800 3,718,000 202,000Accruals 1,204,000 Other current liabilities 1,795,000 Accounts receivable Total current liabilities Total current assets $3,599,000 Long-term debt Net fixed assets 3,996,000 Common stock Total liabilities and Total assets $7,595,000 stockholders' equity $7,595,000 Print Done ies le edit fields and then click Check Answer Clear All 4-19 SO ro forma balance sheet Peabody & Peabody has 2019 sales of $10.2 million. o parts a. and b. (1) The percents of sales for itens that vary directly with sales are as follows: Acco 2) Marketable securities and other current liabilities are expected to remain uncha (3) A minimum cash balance of $480,000 is desired. (4) A new machine costing $653,000 will be acquired in 2020, and equipment costir will be taken. (5) Accruals are expected to rise to $497,000 by the end of 2021. (6) No sale or retirement of long-term debt is expected. (7) No sale or repurchase of common stock is expected. (8) The dividend payout of 50% of net profits is expected to continue. (9) Sales are expected to be $11.4 million in 2020 and $11.3 million in 2021. (10) The December 31, 2019, balance sheet is here EEE Peabody & Peabody December 31, 2021 Assets Current assets Cash Marketable securities Accounts receivable Inventories Total current assets Net fixed assets Total assets Enter any number in the edit fields and then click Check Answer emaining