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Construct the firm pro-forma income statement

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Reference no: EM133178849

Question - Illinois Renewable Energy Company's current income statement is shown below. The company has forecasted a sales growth rate of 20% for next year (Fiscal Year 2023).

Income Statement

Fiscal Year 2022

Sales revenue

$200,000.00

Costs except depreciation

$120,000.00

EBITDA

$80,000.00

Depreciation and amortization

$24,000.00

Earnings Before Income and Taxes (EBIT)

$56,000.00

Interest expense

$4,000.00

Earnings before taxes (EBT)

$52,000.00

Taxes (20%)

$10,400.00

Net Income

$41,600.00

Required - Please use the percentage-of-sales approach to construct the firm's pro-forma income statement for next year (Fiscal Year 2023).

Reference no: EM133178849

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