QUESTION 4 (20 Marks) REQUIRED Prepare the Pro Forma Statement of Financial Position of Questor Enterprises as at 31 October 2022. INFORMATION The following information was provided by Questor Enterprises to assist in determining its financial position as at 31 October 2022: The sales for the year ended 31 October 2021 was R800 000. The sales are expected to increase to R1 000 000 for the year ended 31 October 2022. 50 000 ordinary shares at R1.50 each are expected to be issued on 30 November 2021. A planned purchase of equipment during December 2021 is estimated at R380 000. Depreciation for the year ended 31 October 2022 is expected to be R60 000. The after-tax return on sales is forecast at 20%. A final dividend of 80% of the profit after tax is expected to be declared and it is payable during December 2022. Company tax for the year ended 31 October 2022 is estimated to be R85 000. Provisional tax payments amounting to R77 000 are expected to be made during the year ended 31 October 2022. The percentage-of-sales method must be used for the current assets and accounts payable. The amount of external funding required (non-current liabilities) must be calculated. The Statement of Financial Position at the end of October 2021 is as follows: Statement of Financial Position as at 31 October 2021 R ASSETS Non-current assets Property, plant and equipment 200 000 Current assets Inventories 128 000 Accounts receivable 200 000 Cash and cash equivalents 32 000 Total assets 560 000 EQUITY AND LIABILITIES Equity Ordinary share capital 400 000 Retained earnings 40 000 Non-current liabilities - 0 Current liabilities Accounts payable 120 000 Total equity and liabilities 560 000