question archive The Loftis Company is preparing its pro forma financial statements for the next year using this model
The Loftis Company is preparing its pro forma financial statements for the next year using this model
Subject:FinancePrice: Bought3
The Loftis Company is preparing its pro forma financial statements for the next year using this model. The abbreviated financial statements are presented below. Sales growth 20% Tax rate Income Statement 780,000.00 Sales 415,000.00 Costs Depreciation 135,000.00 Interest 68,000.00 162, 000.00 Taxable income 55, 080.00 Taxes Net income 106,920.00 Dividends 30,000.00 Additions to 76, 920.00 retained earnings Balance Sheet Assets Liabilities and Equity 240,000.00 Total debt 880,000.00 Current assets Owners' equity Net fixed assets 1,350,000 00 710,000.00 Total assets $1,590,000.00 Total debt and equity
