Spring Valley Forest Products Assignment: 1. Prepare a Pro Forma Income Statement for Spring Valley Forest Products for the interval, July 1, 2002 - December 2002 2. Prepare a Pro Forma Balance Sheet for December 31. 3. Prepare a Cash Budget for the months of July through Decembeir Assume the relevant corporate income tax rate to be 50% SPRING VALLEY FOREST PRODUCTS Balance Sheet-June 30, 2002 $ 140,000 Tax Accruals $ 180,000 Misc Accruals $ 65,000 Accounts Payable 60,000 $30,000 $ 70,000 Inventory Plant & Equipment Less Acc. Dep Net Plant & Equip Other Assets $ $ (75,000) S 225,000 Common Stock 300,000 $ 150,000 S 60,000 Retained Earnings S360,000 TOTAL ASSETS $ 670,000 TOTAL LIAB& OE 670,000 Arising from income during the first six months of the year. Payable in full on September 15, 2002. Taxes accrued during the last half of 2002 will be payable on March 15, 2003 Spring Valley Forest Products Assignment: 1. Prepare a Pro Forma Income Statement for Spring Valley Forest Products for the interval, July 1, 2002 - December 2002 2. Prepare a Pro Forma Balance Sheet for December 31. 3. Prepare a Cash Budget for the months of July through Decembeir Assume the relevant corporate income tax rate to be 50% SPRING VALLEY FOREST PRODUCTS Balance Sheet-June 30, 2002 $ 140,000 Tax Accruals $ 180,000 Misc Accruals $ 65,000 Accounts Payable 60,000 $30,000 $ 70,000 Inventory Plant & Equipment Less Acc. Dep Net Plant & Equip Other Assets $ $ (75,000) S 225,000 Common Stock 300,000 $ 150,000 S 60,000 Retained Earnings S360,000 TOTAL ASSETS $ 670,000 TOTAL LIAB& OE 670,000 Arising from income during the first six months of the year. Payable in full on September 15, 2002. Taxes accrued during the last half of 2002 will be payable on March 15, 2003