to prepare the financial plans. The following Integrative Proforma statements Red Queen Restaurants wishes to prepare financial plans. Use the financial statements and the other information provided here financial data are also available (1) The firm has estimated that was for 2000 wibe 9400 2) The firm expect to pay $34.000 in cash dividends in 2020 (3) The firm wishes to maintain a minimum cash balance of 530,200. (4) Accounts receivable represent approximately 24% of annual sales (5) The firm's ending inventory will change directly with changes in was in 2020 (6) A new machine costing $43.500 will be purchased in 2020. Total depreciation for 2020 l be $15.000 () Accounts payable will charge directly in response to changes in sales in 2020 (8) Taxes payable will alone fourth of the tax on the proforma income statement (9) Marketable souties, the current labes, long-term debt and common stock will remain unchanged a. Prepare a proforma income statement for the year ended December 31, 2020, using the percent of sales method ww w will remain unchanged a. Prepare a proforma Income statement for the year ended December 31, 2020, using the percent of sales method b. Prepare a pro forma balance sheet dated December 31, 2020, using the judgmental approach c. Analyze these statements, and discuss the resulting external financing required a. Prepare a pro forma income statement for the year ended December 31, 2020, using the percent of sales method Complete the pro forma income statement for the year ended December 31, 2020 below: (Round to the nearest doll Round the percentage of sales to four decimal places) Pro Forma Income Statement Red Queen Restaurants for the Year Ended December 31, 2020 de for the Year Ended December 31, 2020 (percent-of-sales method) Sales Less: Cost of goods sold Gross profits Less: Operating expenses Net profits before taxes Less: Taxes (rate - 21%) Net profits after taxes Less: Cash dividends Data Table (Click on the icon located on the top-right corner of the data tables below in order to copy its contents into a spreadsheet.) O Red Queen Restaurants Income Statement for the Year Ended December 31, 2019 Sales revenue $800,600 Less: Cost of goods sold 599,600 Gross profits $201.000 Less: Operating expenses 100,400 Net profits before taxes $100,600 Less: Taxes (rate=21%) 21,126 Net profits after taxes e $79,474 Less: Cash dividends 20,300 To retained earnings $59,174 Red Queen Restaurants Balance Sheet December 31, 2019 Assets Liabilities and Stockholders' Equity Cash $31,400 Accounts payable $99,900 Marketable securities 18,300 Taxes payable 20,300 Accounts receivable 149,000 Other current liabilities 5,600 Inventories 99,200 Total current liabilities $125,800 Total current assets $297,900 Long-term debt $196,700 Net fixed assets 349,700 Common stock $150,100 Retained earnings $175,000 hen Print Done