Problem 5-30 - PART B

Bill Thomas, Bates & Hills controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The companys balance sheet of December 31 is as follows:

Cash 33,600 32,760 Accounts Receivable (net) Finished Goods Inventory 27,440 Raw Materials Inventory 4,234 Property, Plant & Equipment 168,000 (42,000) Accumulated Depreciation Total Assets $224,034 Accounts Payable 10,080 Income Tax Payable 42,146 56,000 Common Stock Retained Earnings 115,808 Total Liabilities & Owners Equity $224,034