Consider the following simplified financial statements for the Phillips Corporation assuming no income taxes. Income Statement...

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Consider the following simplified financial statements for the Phillips Corporation assuming no income taxes. Income Statement Statement of Financial Position Sales Costs P23,000 16,700 Assets P15,800 Debt P 5,200 Equity 10,600 Net income P 6,300 Total P15,800 Total P15.800 Phillips has predicted a sales increase of 15 percent. It has predicted that every item on the statement of financial position will increase by 15 percent as well. Create the pro forma statements and reconcile them. What is the additional financing needed here. Consider the following simplified financial statements for the Phillips Corporation assuming no income taxes. Income Statement Statement of Financial Position Sales Costs P23,000 16,700 Assets P15,800 Debt P 5,200 Equity 10,600 Net income P 6,300 Total P15,800 Total P15.800 Phillips has predicted a sales increase of 15 percent. It has predicted that every item on the statement of financial position will increase by 15 percent as well. Create the pro forma statements and reconcile them. What is the additional financing needed here.

Answer rating: 100% (QA)

Sales are currently P23000 With a 15 increase the new sales will be P23000 115 P23000 115 P23000 015 ... View the full answer