some of the numbers are wrong, and I'm not sure where they are wrong

You are the budget analyst who has been charged with preparing a forecast (also known as a pro forma) for Tyler Toy's 2019 financial position. Use the 2018 Income Statement and Balance Sheet (found in the excel template), along with the following key projections that have already been determined to create the Proforma Income Statement and Proforma Balance Sheet for fiscal year 2019. Use the percentage of sales method (where appropriate) combined with the judgmental approach. ROUND TO THE NEAREST DOLLAR. 2019 Sales Revenue will be $6,550,000 Minimum cash balance of $30,000 needs to be maintained The inventory turnover ratio will be 7.0 (per the Inventory manager) The average collection period will be 50 days (per the AR manager) The fixed asset purchases during 2019 will be $410,000 Depreciation Expense is forecasted to be $195,000 Combined Dividends paid to Preferred and common shareholders will total $20,000 Interest expense is expected to be $98,000 Accounts Payable balance is forecasted to be $276,000 Accruals, LTD, notes payable, preferred stock, and common stock will remain unchanged. Next year's tax rate will be the same effective rate as the current year. A $ $ B D E F 2018 % 2019 % $ 5,075,000 100.00% 6,550,000 100.00% 3,704,000 72.99% 4,780,532 72.99% $ 1,371,000 27.01% 1,769,468 27.01% 650,000 12.81% 838,916 12.81% 416,000 8.20% 536,906 8,20% $ 305,000 6.01% $ 393,645 6.01% 152,000 195,000 $ 153,000 3.01% 198,645 3.01% 93,000 98,000 $ 60,000 1.18% $ 100,645 1.18% 12,600 0.25% 21.136 0.25% $ 47,400 0.93% $ 79,510 0.93% $ 2,500 $ 2,500 $ 44,900 0.88% $ 77,010 0.88% Remember the ** Remember - pre Complete the PURPLE sections for this exercise, Sales Cost of Sales Gross Operating Profit Selling Expense General & Admin. Expense 3 EBITDA 4 Depreciation 5 Earnings Before Interest and Taxes 6 Interest Expense 7 Earnings Before Taxes 18 Income Taxes (21% rate) 19 Earnings after taxes 20 Preferred stock dividends 21 Earnings available to common stockholders 22 23 24 25 $ $ 1 2 Tyler Toys Company Balance Sheet ProForma For Fiscal Year Ended Dec 31, 2019 3 4 Pro-Forma Balance Sheet 2019 2017 2018 30,000 $ 30,000 5 30,000 763,900 805,556 988,965 763 445 700,625 665 241 $ 1,557,345 $ 1,536,181 $ 1,684,206 $1,950,500 $ 2.293 819 $ 2,703,819 348 000 500,000 695.000 $ 1,602,500 $ 1,793,819 $ 2,008,819 $ 1,602,500 $ 1,793,819 $ 2,008,819 51 52 53 54 Assets 55 Current Assets 56 Cash 57 Receivables 58 Inventories 59 Total Current Assets 60 61 Non-Current Assets 62 Property, Plant & Equipment, Gross 63 Accum. Depreciation Property Plant & Equipment Net 65 Total Non-Current Assets 66 67 Total Assets 68 69 Liabilities & Shareholder's Equity 70 Current Liabilities 71 Accounts Payable 72 Notes Payable 73 Accruals 74 Total Current Liabilities 75 76 Non-Current liabilites 77 Long Term Debt 78 Total Non-Current Liabilities 79 Total Liabilities 80 81 Preferred Stock B2 Common Stock Paid In Cap In Excess of Par 34 Retained Earnings 85 Total Equity $ 3,159,845 $ 3,330,000 $3,693,025 $ 387,943 $430,000 $ 276.000 70,000 311,000 311,000 100,902 75,000 75,000 558,845 $ 816,000 $ 662,000 $ $ 700,000 $ 568,100 $ 700,000 $ 568,100 $ 1,258,845 $ 1,384,100 $ 568,100 $ 568,100 $ 1,230,100 $ 50,000 $ 50,000 400,000 $ 400,000 $ 593,750 $ 593,750 $ 857 250 S 902 150 $ 1,901,000 $ 1,945,900 $ 50,000 $ 400,000 $ 593 750 $ 961.660 $ 2,005,410 86 $ 3,159,845 $ 3,330,000 87 Total Liabilities & Stock Equity Ba 09 External Financing Needed $ 3.235,510 90 $ 457 515 91 92 93 Complete the PURPLE Sections