Prepare a proforma income statement

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Reference no: EM131856034

Sales - 960,000

During the yr ending december 31 2017 sales are expected to increase 5%

on Dec 31 ABC will pay off all of its short term debt. Interest on any short term borrowing carrier an annual interest of 6%

on dec 31 each year ABC repays $50,000 towards reducing the principal on its long term debt. The balance on the long term debt as of dec 31 2017 will be $407,000. Long term debt carrier an annual interest of 6%

Depreciation expense in 2017 is 276,000

no new capital spending will occur during 2017

THe effective tax is 40%

Reference no: EM131856034

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