Pro forma balance sheet-Basic Leonard Industries wishes to prepare a pro forma balance sheet for December 31, 2016. The firm expects 2016 sales to total $3,000,000. The following information has been gathered. (1) A minimum cash balance of $49,800 is desired (2) Marketable securities are expected to remain unchanged (3) Accounts receivable represent 9.7% of sales (4) Inventories represent 11.9% of sales. (5) A new machine costing $90,500 will be acquired during 2016. Total depreciation for the year will be $31,800 (6) Accounts payable represent 14.1% of sales. (7) Accruals, other current liabilities, long-term debt, and common stock are expected to remain unchanged (8) The firm's net profit margin is 4.4%, and it expects to pay out $70,100 in cash dividends during 2016. (9) The December 31, 2015, balance sheet follows EEB a. Use the iudamental annroach to prenare a pro forma balance sheet dated December 31. 2016. for I eonard Industries. a. Use the judgmental approach to prepare a pro forma balance sheet dated December 31, 2016, for Leonard Industries. Complete the assets part of the pro forma balance sheet for Leonard Industries for December 31, 2016 below: Round to the nearest dollar.) Pro Forma Balance Sheet Leonard Industries December 31, 2016 Assets Current assets Cash Marketable securities Accounts receivable Enter any number in the edit fields and then click Check Answer. Pro forma balance sheet-Basic Leonard Industries wishes to prepare a pro forma balance sheet for December 31, 2016. The firm expects 2016 sales to total $3,000,000. The following information has been gathered. (1) A minimum cash balance of $49,800 is desired (2) Marketable securities are expected to remain unchanged (3) Accounts receivable represent 9.7% of sales (4) Inventories represent 11.9% of sales. (5) A new machine costing $90,500 will be acquired during 2016. Total depreciation for the year will be $31,800 (6) Accounts payable represent 14.1% of sales. (7) Accruals, other current liabilities, long-term debt, and common stock are expected to remain unchanged (8) The firm's net profit margin is 4.4%, and it expects to pay out $70,100 in cash dividends during 2016. (9) The December 31, 2015, balance sheet follows EEB a. Use the iudamental annroach to prenare a pro forma balance sheet dated December 31. 2016. for I eonard Industries. a. Use the judgmental approach to prepare a pro forma balance sheet dated December 31, 2016, for Leonard Industries. Complete the assets part of the pro forma balance sheet for Leonard Industries for December 31, 2016 below: Round to the nearest dollar.) Pro Forma Balance Sheet Leonard Industries December 31, 2016 Assets Current assets Cash Marketable securities Accounts receivable Enter any number in the edit fields and then click Check
