The most recent financial statements for Hopington Tours Inc. follow. Sales for 2018 are projected to grow by 20%. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, and accounts payable increase spontaneously with sales. The firm is operating at full capacity and no new debt or equity is issued. HOPINGTON TOURS INC. 2017 Statement of Comprehensive Income Sales Costs Other expenses Earnings before interest and taxes Interest paid Taxable income Taxes (30%) Net Income Dividends $33,360 Addition to retained earnings 63,940 $756,000 591,000 12,000 $153,000 14,000 $139,000 41,700 $ 97,300 Assets HOPINGTON TOURS INC. Statement of Financial Position as of December 31, 2017 Liabilities and Owners' Equity Current liabilities Current assets Accounts receivable Inventory Total 42,000 88,200 5156.800 Notes payable Total Long-term debt Owners' equity Connon stock and paid in surplus 18,300 $ 87,600 $139,000 Fixed assets $125,000 Activate wi Go to Settings Prev 1 of 32 33 Next > Current assets Cash Accounts receivable Inventory Total $ 69,300 18.309 HOPINGTON TOURS INC Statement of Financial Position as of December 31, 2017 Liabilities and Owners Equity Current liabilities $ 26,600 Accounts payable 42,000 Notes payable 88,200 Total $156,800 Long-term debt Owners' equity Common stock and paid in surplus $280,000 Retained earnings Total $436,800 Total liabilities and owners' equity $ 87,600 $139,000 Fixed assets Net plant and equipment $125,000 85,200 $ 210,200 $436,809 Total assets Complete the pro forma statement of comprehensive income below. (Input all amounts as positive values. Omit $ sign in your response.) HOPINGTON TOURS INC. Pro Forma Statement of Comprehensive Income 20 % Sales Growth $ Sales Other expenses EBIT Interest Taxable income $ $ Activate Go to Setti Taxable income Taxes (3x) Net income Dividends Add. to RE $ $ Complete the pro forma statement of financial position below. Assets Current assets Cash Accounts receivable Inventory Total HOPINGTON TOURS THC. Pro Forma Statement of Financial Position Liabilities and Owners' Equity Current liabilities $ Accounts payable $ Notes payable Total Long-term debt Owners' equity Common stock and paid in surplus Retained earnings Total Total liabilities and owners' equity $ $ 5 Fixed assets Net plant and equipment Total assets Calculate the EFN for 20% growth rates. Activate Wind Help Save Add to RE Complete the pro forma statement of financial position below. Assets 15 Current assets Cash Accounts receivable Inventory Total $ $ HOPINGTON TOURS INC. Pro Forma Statement of Financial Position Liabilities and Owners' Equity Current liabilities $ Accounts payable Notes payable $ Total Long-term debt Owners' equity Common stock and paid in surplus Retained earnings Total Total liabilities and owners' equity $ $ 5 Fixed assets Net plant and equipment $ $ Total assets $ Calculate the EFN for 20% growth rates. 20% $ EFN Activate v
