Assuming costs vary with sales and a 20 percent increase in sales is projected, create the pro forma income statement.Create a pro forma Balance Sheet. All items will vary with sales.What is the plug variable in order for this to balance?Suppose no dividend is planned to be issued next year. What is the plug variable? Curry CompanyIncome StatementYear ended 2021Income StatementSalesCostsTaxable IncomeTaxesNet Income$50,00039,450$10,550$2,750$7,800Pro FormaYear 2022 Balance SheetCashAccounts ReceivableInventoryCURRENT ASSETSFixed Assets:Net Fixed AssetsCurry Company.Balance Sheet31-Dec-21TOTAL ASSETSLiabilitiesAccounts PayableNotes PayableCURRENT LIABILITIESLong-Term DebtEquityCommon Stock and paid in capitalRetained EarningsTOTAL CAPITALTotal Liabilities & Equity$5,0003,0006,400$14,400$41,300$55,700$2,4004300$6,700$28,00017,050$3,950$21,000$55,700Pro Forma Dec. 31, 2022

Due to our protocol only first three sub-parts are solved as there are four sub-parts. The plug…

Assuming costs vary with sales and a 20 percent increase in sales is projected, create the pro forma income statement. Create a pro forma Balance Sheet. All items will vary with sales. What is the plug variable in order for this to balance?

Assuming costs vary with sales and a 20 percent increase in sales is projected, create the pro forma income statement. Create a pro forma Balance Sheet. All items will vary with sales. What is the plug variable in order for this to balance?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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