P4-21 (5) Integrative Proforma statements POV imports, Inc., a postala statements incomment and we and projections for use in preparing francia pars for the com year 2020) Inormation related to financial projections for the year 2020 is as follows (1) Projected sales we 5.000.000 Cost of goods sold in 2019 includes $1.007.000 in fed costs Opening expense in 2019 includes $347.000 in faed costs (5) The firm will pay cash dividends amounting to 40% of net profits after Interest expense will remain unchanged (5) Cash and inventores will Marketable securities notes payable long term debit, and common stock will remain unchanged (8) Accounts receivable accounts payable and other current liabilities will change in direct response to the change in sales A new computer system costing $348.000 will be purchased during the yow Total depreciation expense for the year will be $107.000 (10) The tax rate wil maat 40% method a. Prepare a proforma income statement for the b. Prepare a profoma bwance sheets of December 31, 2020, using the information given and the judgmental approach include a reconciliation of the retained earnings account NOTE Taxes payable for 2019 are about 19.92.5% of the 201xes on the income statement. The proforma valis obtained by taking 19 5045% of the 2020 Provincial Imports, Inc. for the Year Ended December 31, 2020 (Judgmental Method) Cash s Marketable securities Assets Cash Marketable securities Accounts receivable Inventories Total current assets Ne fixed assets Provincial Imports, Inc. Balance Sheet December 31, 2019 Liabilities and Stockholders' Equity $209,000 Accounts payable 5698,000 215.000 Taxes payable 95,000 634.000 Notes payable 207.000 497,000 Other current les 4,500 $1,555.000 Total current liabilities $1.004,500 1.399.000 Long-term debe 504,500 Common stock 74.000 Retained caming 1.371.000 $2.954.000 Total abilities and egal $2.954.000 Enter any number in the edit fields and then click Check Answer 2. remaining Total assets O here in order to copy the contents of the data table below into a spread Provincial Imports, Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue $4,994,000 Less: Cost of goods sold 2,759,000 Gross profits $2,235,000 Less: Operating expenses 850,000 Operating profits $1,385,000 Less: Interest expense 193,000 Net profits before taxes $1,192,000 Less: Taxes (rate = 40%) 476,800 Net profits after taxes $715,200 Less: Cash dividends 286,080 To retained earnings $429,120 Introduction to Finance (FIN-101-DO2) Fall 2020 HI, Bridget Sign Out Course Home Introduction to Finance (FIN-101-002) Fall 2020 Bridget Akrasi & Homework: Chapter 4 Homework Save Score: 0.38 of 1 pt 7 of 8 (7 complete) HW Score: 54.74%, 4.38 of 8 P4-21 (similar to) Question Help Integrative Pro forma statements Provincial Imports, Inc., has assembled past (2019) financial statements (income statement and balance sheet and financial projections for use in preparing financial plans for the coming year (2020). Information related to financial projections for the year 2020 is as follows: (1) Projected sales are $5.998,000 (2) Cost of goods sold in 2019 includes $1,007,000 in fixed costs (3) Operating expense in 2019 includes $247,000 in foxed costs. (Judgmental Method) Cash $ Marketable securities Accounts receivable Inventories Enter any number in the edit fields and then click Check Answer parts remaining Clear All Check Answer P4-21 (5) Integrative Proforma statements POV imports, Inc., a postala statements incomment and we and projections for use in preparing francia pars for the com year 2020) Inormation related to financial projections for the year 2020 is as follows (1) Projected sales we 5.000.000 Cost of goods sold in 2019 includes $1.007.000 in fed costs Opening expense in 2019 includes $347.000 in faed costs (5) The firm will pay cash dividends amounting to 40% of net profits after Interest expense will remain unchanged (5) Cash and inventores will Marketable securities notes payable long term debit, and common stock will remain unchanged (8) Accounts receivable accounts payable and other current liabilities will change in direct response to the change in sales A new computer system costing $348.000 will be purchased during the yow Total depreciation expense for the year will be $107.000 (10) The tax rate wil maat 40% method a. Prepare a proforma income statement for the b. Prepare a profoma bwance sheets of December 31, 2020, using the information given and the judgmental approach include a reconciliation of the retained earnings account NOTE Taxes payable for 2019 are about 19.92.5% of the 201xes on the income statement. The proforma valis obtained by taking 19 5045% of the 2020 Provincial Imports, Inc. for the Year Ended December 31, 2020 (Judgmental Method) Cash s Marketable securities Assets Cash Marketable securities Accounts receivable Inventories Total current assets Ne fixed assets Provincial Imports, Inc. Balance Sheet December 31, 2019 Liabilities and Stockholders' Equity $209,000 Accounts payable 5698,000 215.000 Taxes payable 95,000 634.000 Notes payable 207.000 497,000 Other current les 4,500 $1,555.000 Total current liabilities $1.004,500 1.399.000 Long-term debe 504,500 Common stock 74.000 Retained caming 1.371.000 $2.954.000 Total abilities and egal $2.954.000 Enter any number in the edit fields and then click Check Answer 2. remaining Total assets O here in order to copy the contents of the data table below into a spread Provincial Imports, Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue $4,994,000 Less: Cost of goods sold 2,759,000 Gross profits $2,235,000 Less: Operating expenses 850,000 Operating profits $1,385,000 Less: Interest expense 193,000 Net profits before taxes $1,192,000 Less: Taxes (rate = 40%) 476,800 Net profits after taxes $715,200 Less: Cash dividends 286,080 To retained earnings $429,120 Introduction to Finance (FIN-101-DO2) Fall 2020 HI, Bridget Sign Out Course Home Introduction to Finance (FIN-101-002) Fall 2020 Bridget Akrasi & Homework: Chapter 4 Homework Save Score: 0.38 of 1 pt 7 of 8 (7 complete) HW Score: 54.74%, 4.38 of 8 P4-21 (similar to) Question Help Integrative Pro forma statements Provincial Imports, Inc., has assembled past (2019) financial statements (income statement and balance sheet and financial projections for use in preparing financial plans for the coming year (2020). Information related to financial projections for the year 2020 is as follows: (1) Projected sales are $5.998,000 (2) Cost of goods sold in 2019 includes $1,007,000 in fixed costs (3) Operating expense in 2019 includes $247,000 in foxed costs. (Judgmental Method) Cash $ Marketable securities Accounts receivable Inventories Enter any number in the edit fields and then click Check Answer parts remaining Clear All Check