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The instructions for the first part are in A, and the instructions for the second part are prepare cash budget for October, November, December

I. Pro Forma Statements Problem: Sheckles, Inc. A) 1. Income Statement Year Ended 2019 Balance Sheet 12/31/19 Sales Cost of Goods Sold Gross Profit Expenses Earnings Before Tax Tax (.5) Net Income $27,000 18,900 8,100 6,000 2,100 1,050 $ 1,050 Cash Accounts Receivable Inventory Gross Fixed Assets Accumulated Depreciation Net Fixed Assets Total Assets $ 500 4,500 3,150 54,000 21,600 32,400 $40.550 Accounts Payable Notes Payable Accrued Tax Common Stock Retained Earnings Total Debt & Equity $1,575 19,175 263 15,787 3.750 S40.550 A. Based on the 2019 Financial Statements above, compute Pro Forma's for 2020 using the percent of sales method using the following assumptions: a. 20% growth rate in sales, b. 15% dividend payout c. Tax rate remains at 50% 5 Prepare Cash Budget for October, November, December 2020 A.) Follow the following to prepare the budget: 1. Real Sales 2020: August - $100,000 September - $200,000 Projected for 2020: October November December - $400,000 - $300,000 - $200,000 Sales Payment History: 20% cash 50% Accts. Rec. - collected n/30 days 30% Accts. Rec. - collected n/60 days Bad Debt Expense - negligible Other Receipts: Dividend due the firm - $30,000 in December 2020. Purchases: 70% of Sales - same month of exp. Sale 10% Paid Cash 70% Paid 30 Days 20% Paid 60 Days Interest Payment: November $130,000 Dividend Payments: October = $20,000 Rent: $5,000/month Wages: 10% Sales + $8,000 Fixed Cost Taxes: $25,000 in December for 2020 Capital Investments: $10,000 in December Sinking Fund: $20,000 due December Repurchase or Retirement of Stock - None Anticipated 3. Cash Balances: @ 9/30 = $50,000; must maintain $25,000 Cash Balance Minimum (US) I. Pro Forma Statements Problem: Sheckles, Inc. A) 1. Income Statement Year Ended 2019 Balance Sheet 12/31/19 Sales Cost of Goods Sold Gross Profit Expenses Earnings Before Tax Tax (.5) Net Income $27,000 18,900 8,100 6,000 2,100 1,050 $ 1,050 Cash Accounts Receivable Inventory Gross Fixed Assets Accumulated Depreciation Net Fixed Assets Total Assets $ 500 4,500 3,150 54,000 21,600 32,400 $40.550 Accounts Payable Notes Payable Accrued Tax Common Stock Retained Earnings Total Debt & Equity $1,575 19,175 263 15,787 3.750 S40.550 A. Based on the 2019 Financial Statements above, compute Pro Forma's for 2020 using the percent of sales method using the following assumptions: a. 20% growth rate in sales, b. 15% dividend payout c. Tax rate remains at 50% 5 Prepare Cash Budget for October, November, December 2020 A.) Follow the following to prepare the budget: 1. Real Sales 2020: August - $100,000 September - $200,000 Projected for 2020: October November December - $400,000 - $300,000 - $200,000 Sales Payment History: 20% cash 50% Accts. Rec. - collected n/30 days 30% Accts. Rec. - collected n/60 days Bad Debt Expense - negligible Other Receipts: Dividend due the firm - $30,000 in December 2020. Purchases: 70% of Sales - same month of exp. Sale 10% Paid Cash 70% Paid 30 Days 20% Paid 60 Days Interest Payment: November $130,000 Dividend Payments: October = $20,000 Rent: $5,000/month Wages: 10% Sales + $8,000 Fixed Cost Taxes: $25,000 in December for 2020 Capital Investments: $10,000 in December Sinking Fund: $20,000 due December Repurchase or Retirement of Stock - None Anticipated 3. Cash Balances: @ 9/30 = $50,000; must maintain $25,000 Cash Balance Minimum (US)