Given the income statement below for Imperial Products Corporation for 2014, and a 20% growth in sales

Question:

Given the income statement below for Imperial Products Corporation for 2014, and a 20% growth in sales for 2015, prepare a pro forma income statement.

Imperial Products Corp.

Income Statement for 2014

Sales Revenue..................................$28,800,000

COGS .......................................... 11,400,000

SG&A Expenses .............................. 6,800,000

Depreciation Expenses ....................... 2,300,000

EBIT ........................................... $8,300,000

Interest Expense .............................. 1,200,000

Taxable Income .............................. $7,100,000

Taxes .......................................... $2,414,000.00

Net Income .................................. $4,686,000.00

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...