Integrative-Pro forma statements Provincial Imports, Inc., has assembled last year's financial statements (income statement and balance sheet) and financial projections for use in preparing financial plans for the coming year. Information related to financial projections for next year is as follows: (1) Projected sales are $5,997,000. (2) Cost of goods sold last year includes $996,000 in fixed costs. (3) Operating expense last year includes $256,000 in fixed costs. (4) Interest expense will remain unchanged. (5) The firm will pay cash dividends amounting to 35% of net profits after taxes. (6) Cash and inventories will double. (7) Marketable securities, notes payable, long-term debt, and common stock will remain unchanged. (8) Accounts receivable, accounts payable, and other current liabilities will change in direct response to the change in sales. (9) A new computer system costing $348,000 will be purchased during the year. Total depreciation expense for the year will be $113,000. (10) The tax rate will remain at 40%. a. Prepare a pro forma income statement for next year, using the fixed cost data given to improve the accuracy of the percent-of-sales method. b. Prepare a pro forma balance sheet for next year, using the information given and the judgmental approach. Include a reconciliation of the retained earnings account. c. Analyze these statements, and discuss the resulting external financing required. a. Prepare a pro forma income statement for next year, using the fixed cost data given to improve the accuracy of the percent-of-sales method. Complete the pro forma income statement for next year below: (Round to the nearest dollar.) Pro Forma Income Statement Provincial Imports, Inc. for Next Year (percent-of-sales method) Sales Less: Cost of goods sold Gross profits Less: Operating expenses Operating profits Less: Interest expense Net profits before taxes Less: Taxes (rate=40%) Net profits after taxes Less: Cash dividends (35%) To Retained earnings $ S $ $ $ $ Data table (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Provincial Imports, Inc. Income Statement. for the Year Just Ended Assets Cash (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Provincial Imports, Inc. Balance Sheet for the Year Just Ended Marketable securities Accounts receivable Inventories Total current assets Net fixed assets Sales revenue Less: Cost of goods sold Gross profits Less: Operating expenses Operating profits Less: Interest expense Net profits before taxes Less: Taxes (rate=40%) Net profits after taxes Less: Cash dividends To retained earnings Total assets $4.999,000 2,743,000 $2,256,000 847,000 $1,409,000 202,000 $1,207,000 482.800 $724,200 253,470 $470.730 Liabilities and Stockholders' Equity $207,000 Accounts payable 231,000 Taxes payable 624,000 Notes payable 509,000 Other current liabilities $1,571,000 Total current liabilities 1,390,000 Long-term debt Common stock Retained earnings $2,961,000 Total liabilities and equity Print Done $702,000 95,000 203,000 5,400 $1,005,400 509,600 72,000 1,374,000 $2,961,000 X

.

The following information relates to ELEPHANT INC. for the year ended 2020: Cash purchases - gross P300,000 Trade accounts payable - beginning 500,000 Trade accounts payable - ending 400,000 Trade notes payable decreased by 200,000 Cash payments on payables 1,000,000 Purchase return and discounts (inclusive of P15,000 receipts from suppliers) 20,000 Inventory increased by 100,000 Compute the cost of goods sold under accrual basis of accounting. A. P885,000 B. P950,000 C. P925,000 D. P845,000

Bellingham Industries, a manufacturer of the furniture industry, had the following               financial performance for the last two years as shown on their income statements below:                               Billingham Industries, Inc.     Comparative Income Statement     For the Years Ended December 31, 2021 and 2020           2021   2020           Amount   Amount       Sales   $1,280,000   $1,180,000       Cost of goods sold   644,800   613,600       Gross profit   635,200   566,400       Selling expenses   230,500   188,800       Administrative expenses   182,500   177,000       Total operating expenses   413,000   365,800       Income from operations   222,200   200,600       Other income   77,000   70,800       Income before income tax   299,200   271,400       Income tax expense   121,600   106,200       Net income   $177,600   $165,200                                     1. Prepare a horizontal analysis using the form provided to…

Hoyt Company provides this information for the month of November, 2022: sales on credit $170,000; cash sales $70,000; sales discounts $2,000; and sales returns and allowances $9,000. Prepare the sales revenues section of the income statement based on this information. V: HOYT COMPANY Income Statement (Partial) $ 4