ScoreURI o Question Help P4-16 (similar to) Proforma income statement The marating department of Metroline Manufacturing emates that its sales in 2020 will be $1.52 million. Interest expense is expected to remain unchanged at $30,000, and the firm plans to pay $71,000 in Gints during 2020 Metro Manufacturing's income statement for the year ended December 31, 2010, is given along with a breakdown of the firm's cost of goods sold and operating expers into their food and variable components Uthe percent of method to prepare a proforma income went for the year ended December 31, 2020 b. Usted and variable data to develop a proforma income statement for the yewended December 31, 2020 Compare and control the woments developed in parts and b. Wichstment probably provides the better time of 2000 income? Explain why Use the percent method to prepare a proforma income statement for the year anded December 31, 2020 Complete the proforma income talement for the year ended December 31, 2020 below. (Round the percentage of sales to four decimal places and the proforma income statement amounts to the nearest dolar) Pro Foscom Statement Meine Manufacturing, Inc. for the Year End December 31, 2020 percent of method Sale $ Cost of goods sold Gros Operating pro 1 5 fost Les Catho To Last ad ack Check Answer 2 . s & 7 3 6 5 8 9 7 0 Q w E . R Y o U s D G H J K L ent The marketing department of Metroline Manufacturing estimates that its sales in 2020 will be $1.62 m. Interest esponse is po T U HIJJ0,000, mtroline Manufacturing's income statement for the year ended December 31, 2019, is given along with a breakdown of the firm's cost of goods sold and operating expenses into their as method to prepare a pro forma income statement for the year ended December 31, 2020 cost data to develop a pred the statements developed Data Table ales method to prepare a pro a income statement for the y the nearest dollar) (For Income Staement, click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Pro Forma Income State (For Breakdown of Costs and Expenses, click on the icon here in order to copy the contents of the data table below into a Metroline Manufacturing spreadsheet.) for the Year Ended Decembe Metroline Manufacturing Metroline Manufacturing (percent-of-sales met Income Statement Breakdown of Costs and Expenses for the Year Ended December 31, 2019 Into Fixed and Variable Components Sales revendo $1,399,000 for the Year Ended December 31, 2019 of goods sold Less: Cost of goods sold 916,000 Cost of goods sold Gross profits $483.000 Fixed cost $213,000 125,000 703,000 Loss: Operating expenses Variable cost araung expenses Operating profits $357,000 Total cost 5916,000 profits Less: Interest expense 39,000 Operating expenses rest expenso Net profits before taxes $318.000 Fbed expenses $36.000 Less: Taxes (rate : 40%) 127.200 Variable expenses 90.000 is before taxes Net profits after taxes $190,800 Total expenses $120,000 Less: Cash dividends 68.000 To retained earnings $122,800 $ $ is fortes $ Cash dividends and eaming Done Print $ my number in the edit fields and then click Check Answer Check Answer Clear A Clour AI ming bu 80 36 4