Required information [The following information applies to the questions displayed below.) Gibson Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, year 1. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks. h. Prepare a pro forma income statement for the quarter. i. Prepare a pro forma balance sheet at the end of the quarter. j. Prepare a pro forma statement of cash flows for the quarter. Complete this question by entering your answers in the tabs below. Required H Required I Required J Prepare a pro forma income statement for the quarter. GIBSON COMPANY Pro Forma Income Statement For the Quarter Ended December 31, year 1 0 0 $ 0 Required information (The following information applies to the questions displayed below.) Gibson Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, year 1. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks. h. Prepare a pro forma income statement for the quarter. i. Prepare a pro forma balance sheet at the end of the quarter. j. Prepare a pro forma statement of cash flows for the quarter. Complete this question by entering your answers in the tabs below. Required H Required I Required) Prepare a pro forma balance sheet at the end of the quarter. (Amounts to be deducted should be indicated by a minus sign.) GIBSON COMPANY Pro Forma Balance Sheet December 31, year 1 Assets Cash $ 19,000 253,440 12,700 $ 139,800 14,100 153,900 Accounts receivable Inventory Store fixtures Accumulated depreciation Book value of fixtures Total assets Liabilities Accounts payable Utilities payable Sales commissions payable Line of credit liability $ 439.040 $ 54,150 2,100 18.432 165,786 Equity Retained earnings 170,372 Total liabilities and equity $ 410,840 Required information (The following information applies to the questions displayed below.) Gibson Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, year 1. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks. h. Prepare a pro forma income statement for the quarter. i. Prepare a pro forma balance sheet at the end of the quarter. j. Prepare a pro forma statement of cash flows for the quarter. Complete this question by entering your answers in the tabs below. Required H Required I Required) Prepare a pro forma balance sheet at the end of the quarter. (Amounts to be deducted should be indicated by a minus sign.) GIBSON COMPANY Pro Forma Balance Sheet December 31, year 1 Assets Cash $ 19,000 253,440 12,700 $ 139,800 14,100 153,900 Accounts receivable Inventory Store fixtures Accumulated depreciation Book value of fixtures Total assets Liabilities Accounts payable Utilities payable Sales commissions payable Line of credit liability $ 439.040 $ 54,150 2,100 18.432 165,786 Equity Retained earnings 170,372 Total liabilities and equity $ 410,840
