Pro forma balance sheet-Basic Leonard Industries wishes to prepare a pro forma balance sheet for December 31, 2020 The fim expects 2020 sales to total $3.000.000 The following information has been gathered (1) A minimum cash balance of $49.600 is desired (2) Marketable securities are expected to remain unchanged (3) Accounts receivable represent 97% of sales (4) Inventories represent 110% of sales (5) A new machine costing $89 600 will be acquired during 2020 Total depreciation for the year will be $31.900 (6) Accounts payable represent 14 2% of sales (1) Accruals, other cutront liabilities, long-term debt and common stock are expected to remain unchanged (3) The firm's not profit margin is 35 and it expects to payout 500.000 in cash dividends during 2020 (9) The December 31, 2019, balance sheet follows | a. Use the judgmental approach to prepare a pro forma balance sheet dated December 31, 2020, for Leonard Industries b. How much if any additional financing will Leonard Industries require in 2020? Discuss c. Could Leonard Industries adjust its planned 2020 dividend to avoid the situation described in part b? Explain how a. Use the judgmental approach to prepare a pro forma balance sheet dated December 31, 2020, for Leonard Industries (Click on the icon here in order to copy the contents of the data table below into a spreadsheet) Leonard Industries Balance Sheet December 31, 2019 Assets Liabilities and Stockholders' Equity Cash $45,500 Accounts payable Marketable securities 15,200 Accruals Accounts receivable 254,800 Other current liabilities Inventories 339 500 Total current liabilities Total current assets $655,000 Long-term debt Net fixed assets 599,800 Common stock Retained earnings Total assets $1.254,800 Total liabilities and stockholders'equity $394,700 59,700 29,800 $484 200 350 900 199,700 220,000 $1,254,800 Print Done