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P4-19 (similar to) Question Help Pro forma balance sheet Peabody & Peabody has 2019 sales of $10.3 million. It wishes to analyze expected performance and financing needs for 2021-2 years ahead. Given the following information, respond to parts a and b. (1) The percent of sales for items that vary directly with sales are as follows: Accounts receivable; 11.7%, Inventory, 18.4%; Accounts payable, 13.9%; Net profit margin, 3.2% (2) Marketable securities and other current liabilities are expected to remain unchanged. (3) A minimum cash balance of $478,000 is desired. A new machine costing $662,000 will be acquired in 2020, and equipment costing $848,000 will be purchased in 2021. Total depreciation in 2020 is forecast as $287,000, and in 2021 $394,000 of depreciation will be taken. (5) Accruals are expected to rise to $503,000 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 $11.2 million in 2020 and $11.4 million in 2021. a. Prepare a pro forma balance sheet dated December 31, 2021. Complete the assets part of the pro forma balance sheet for Peabody & Peabody for December 31, 2021 below. (Round to the nearest dollar.) Dieee the financing channee ennetadhu tha statement renard in nartal Complete the assets part of the pro forma balance sheet for Peabody & Peabody for December 31, 2021 below: (Round to the nearest dollar.) Pro Forma Balance Sheet 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. act ato din 2020, and equipment costing $848,000 will be purchased in 2021. Total depreciation in 2020 is forecast as $287,000, and in 2021 $39 end of 2021. ed. ste X Data Table nd B Dell (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) he Leonard Industries Balance Sheet December 31, 2019 Assets Liabilities and Stockholders' Equity Cash $395,000 Accounts payable $1,400,000 Marketable securities 205,000 Accruals 396,000 Accounts receivable 1,205,000 Other current liabilities 80,200 Inventories 1,801,000 Total current liabilities $1,876,200 Total current assets $3,606.200 Long-term debt 2,013,800 Net fixed assets 4,002,000 Common stock 3,718,000 Total liabilities and Total assets $7,608,000 stockholders' equity $7,608,000 Print Done