(This problem is a continuation of the Unit 5.4 Practice Exercise.)

Prepare the March pro-forma income statement and balance sheet for Hurtt's Java Seeds (ignore income taxes). The expected February 28 balance sheet is:

Cash	$ 14,000	Accounts payable	$ 15,000
Accounts receivable	19,920	Short-term notes payable	0
Raw materials (green beans)	4,000	Long-term debt	50,000
Finished goods (roasted beans)	4,000	Total liabilities	65,000
Equipment	125,000	Common stock	40,000
Accumulated depreciation	(54,000)	Retained earnings	7,920
Total assets	$112,920	Total liabilities and equity	$112,920