Pro Forma Balance Sheet Provincial Imports, Inc. for Next Year (Judgmental Method) x - i Data Table Cash S 406.000 218,000 Marketable securities Accounts receivable Inventories Total current assets 982.000 S Net fixed assets Total assets S Complete the liabilities and equity part of the pro forma balance sheet for next year: (Round to the nearest dollar.) Pro Forma Balance Sheet Provincial Imports, Inc. for Next Year (Judgmental Method) Accounts payable Taxes payable Notes payable Other current liabilities Total current liabilities (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Provincial Imports, Inc. Income Statement for the Year Just Ended Sales revenue $5,004,000 Less: Cost of goods sold 2.748.000 Gross profits $2.250.000 Less: Operating expenses 857,000 Operating profits $1,399.000 Less: Interest expense 190,000 Net profits before taxes $1.209.000 Less: Taxes (rate = 40%) 483.600 Net profits after taxes $725.400 Less: Cash dividends 253,890 To retained earnings $471.510 (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Provincial Imports, Inc. Balance Sheet for the Year Just Ended Assets Liabilities and Stockholders' Equity Cash $203,000 Accounts payable $690,000 Marketable securities 218.000 Taxes payable 95,000 Accounts receivable 630,000 Notes payable 198,000 Inventories 491,000 Other current liabilities 4,500 Total current assets $1.542.000 Total current liabilities $987.500 $ Net fixed assets 1.390.000 Long-term debt 498,500 Common stock 75,000 Retained earnings 1.371.000 Total assets S2.932,000 Total liabilities and equity S2,932,000 198.0001 s Long-term debt Common stock 498.500 75.000 Retained earnings External funds required Total liabilities and stockholders' equity $ Print Done c. Using the judgmental approach, the external funds requirement is $. (Round to the nearest dollar.) IntegrativePro forma statements Provincial Imports, Inc., has assembled last year's financial statements (income statement and balance sheet B) and financial projections for use in preparing financi Information related to financial projections for next year is as follows: (1) Projected sales are $5,993,000. (2) Cost of goods sold last year includes $990,000 in fixed costs. (3) Operating expense last year includes $260,000 in fixed costs. (4) Interest expense will remain unchanged. (5) The firm will pay cash dividends amounting to 35% of net profits after taxes. (6) Cash and inventories will double. (7) Marketable securities, notes payable, long-term debt, 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 (9) A new computer system costing $358,000 will be purchased during the year. Total depreciation expense for the year will be $102,000 (10) The tax rate will remain at 40%
