Reference no: EM132460441
After completing the proforma income statement in the previous problem, Mr. Tine now real he should also complete a proforma balance sheet. Net sales in 2012 were $90,000 and his forecasted sales for 2013 are $110,000. All of Sugar Cane Alley's current assets will remain same percentage of sales as they were in 2012. Mr. Tine does not plan to buy or sell any equipment, so his gross property and equipment amount will remain the same as 2012. In the liabilities and equity section, only accounts payable will remain the same percentage of sales in 2012. Except for retained earnings, the other accounts are expected to remain the same va as 2012. The following balances were taken from Sugar Cane Alley's end-of-2012 balance:
Queston 1: Calculate the forecasted end-of-2013 values for each of the current asset accounts.
Queston 2: Depreciation expense for 2013 is estimated to be $2,000. Calculate the estimated total assets for the end of 2013. Forecast the accounts payable for the end of 2013.
Queston 3: What will total liabilities be at the end of 2013?
Queston 4: Assuming the forecasted net income for 2013 is $19,351 and cash dividends paid equal $10,000, what total will be forecasted for the end- of-2013 total liabilities and equity?
Queston 5: Based on these calculations of the pro forma balance sheet, are additional funds needed?
Queston 6: Net income for 2012 was $14,840. What was Sugar Cane Alley's net profit margin for 2012? The forecasted net income for 2013 is $19,351. What is Sugar Cane Alley's forecasted 2013 net profit
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