The Starlight, Inc., financial statements for the fiscal year ended June 30, 2017, are presented below. The firm’s sales are projected to grow at a rate of 20 percent next year, and all financial statement accounts will vary directly with sales. Based on that projection, develop a pro forma balance sheet and income statement for the fiscal year ending June 30, 2018.

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Starlight, Inc., Balance Sheet as of June 30, 2017 Liabilities and Stockholders' Assets: Equity: Accounts payable Notes payable $ 25,135 $ 67,855 Cash Accounts 36,454 43,758 receivable Inventories 167,112 $236,005 Total current Total current $104,309 liabilities assets Net fixed 325,422 Long-term debt 223,125 assets 150,000 Other assets 13,125 Common stock Retained earnings 97,118 Total $574,552 Total liabilities $574,552 and equity assets Starlight, Inc., Income Statement for the Fiscal Year Ended June 30, 2017 Net sales $1,450,000 Costs 812,500 $ 637,500 EBITDA Depreciation 175,000 $ 462,500 89,575 $ 372,925 EBIT Interest EBT Тахes (35%) 130,524 Net income $ 242,401