ces The most recent financial statements for Crosby, Incorporated, follow. Sales for 2021 are projected to...

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ces The most recent financial statements for Crosby, Incorporated, follow. Sales for 2021 are projected to grow by 25 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, and accounts payable increase spontaneously with sales. CROSBY, INCORPORATED 2020 Income Statement Sales Costs Other expenses 748,000 583,000 19,000 Earnings before interest and taxes $146,000 Interest paid Taxable income Taxes (25%) Net income 15,000 $131,000 32,750 $ 98,250 Dividends $29,475 68,775 Addition to retained earnings Current assets CROSBY, INCORPORATED Balance Sheet as of December 31, 2020 Liabilities and Owners' Equity Current liabilities Cash Accounts receivable Inventory Total Assets $ 20,740 Accounts payable $ 54,900 43,680 Notes payable 92,960 Total 14,100 $ 69,000 $157,380 Long-term debt $ 131,000 Fixed assets Net plant and equipment $424,000 Total assets LUHY IGH CUL Owners' equity Common stock and paid-in surplus Retained earnings $223 $115,000 266,380 Total $381,380 $ 581,380 Total liabilities and owners' equity $ 581,380 In 2020, the firm operated at 75 percent of capacity. Construct the pro forma income statement and balance sheet for the company. Assume that fixed assets are sold so that the company has a 100 percent asset utilization. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) Pro Forma Income Statement Sales Costs Other expenses EBIT Interest Taxable income Taxes Net income Current assets Cash Accounts receivable Inventory Total current assets Fixed assets Net plant and equipment Total assets Assets Pro Forma Balance Sheet Current liabilities Accounts payable Notes payable Liabilities and Owners' Equity Total current liabilities Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total owner's equity Total liabilities and owners' equity What is the EFN? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. A negative answer should be indicated by a minus sign.) EFN ces The most recent financial statements for Crosby, Incorporated, follow. Sales for 2021 are projected to grow by 25 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, and accounts payable increase spontaneously with sales. CROSBY, INCORPORATED 2020 Income Statement Sales Costs Other expenses 748,000 583,000 19,000 Earnings before interest and taxes $146,000 Interest paid Taxable income Taxes (25%) Net income 15,000 $131,000 32,750 $ 98,250 Dividends $29,475 68,775 Addition to retained earnings Current assets CROSBY, INCORPORATED Balance Sheet as of December 31, 2020 Liabilities and Owners' Equity Current liabilities Cash Accounts receivable Inventory Total Assets $ 20,740 Accounts payable $ 54,900 43,680 Notes payable 92,960 Total 14,100 $ 69,000 $157,380 Long-term debt $ 131,000 Fixed assets Net plant and equipment $424,000 Total assets LUHY IGH CUL Owners' equity Common stock and paid-in surplus Retained earnings $223 $115,000 266,380 Total $381,380 $ 581,380 Total liabilities and owners' equity $ 581,380 In 2020, the firm operated at 75 percent of capacity. Construct the pro forma income statement and balance sheet for the company. Assume that fixed assets are sold so that the company has a 100 percent asset utilization. (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) Pro Forma Income Statement Sales Costs Other expenses EBIT Interest Taxable income Taxes Net income Current assets Cash Accounts receivable Inventory Total current assets Fixed assets Net plant and equipment Total assets Assets Pro Forma Balance Sheet Current liabilities Accounts payable Notes payable Liabilities and Owners' Equity Total current liabilities Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total owner's equity Total liabilities and owners' equity What is the EFN? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. A negative answer should be indicated by a minus sign.) EFN