The ZZZ Mattress Co. has been requested by the 1st National Bank, a major creditor, to prepare a pro forma balance sheet for the year ending, December 31, 2022. Using the percent-of-sales method and the following financial data, prepare the pro forma balance sheet.

• 2022 sales are estimated at $330,000.
• Accounts receivable represent 20 percent of sales.
• A minimum cash balance of $1,650 is maintained.
• Inventory represents 32 percent of sales.
• Fixed-asset outlays in 2022 are $20,000. Total depreciation expense for 2022 will be

$15,000.

• Accounts payable represents 15 percent of sales.
• Notes payable, accruals, and long-term debt will remain the same.
• No common stock will be repurchased in 2022.
• The firm will pay dividends equal to 50 percent of its earnings after taxes.
• The firms earnings after taxes are $18,720.
• 

Total Assets \\begin{tabular}{|l|l|} \\hline \\multicolumn{2}{|c|}{ Liabilities and Equity } \\\\ \\hline Accounts Payable & \\\\ \\hline Notes Payable & \\\\ \\hline Accruals & \\\\ \\hline Total Current Liabilities & \\\\ \\hline Long-Term Debt & \\\\ \\hline Common Stock Equity & \\\\ \\hline Retained Earnings & \\\\ \\hline External Funds Required & \\\\ \\hline Total Liabilities and Equities & \\\\ \\hline \\end{tabular}