Question: Construct a pro forma income statement using the company's sustainable growth rate as the projected growth in sales. Use the MAX function in the equation

Construct a pro forma income statement using the company's sustainable growth rate as the projected growth in sales. Use the MAX function in the equation to prevent negative taxes. (Pro forma net income will be around $X)

Construct a pro forma income statement using the company's sustainable growth rate

as the projected growth in sales. Use the MAX function in the

Show all formulas in Excel format along with corresponding answers. The problem can only be completed by imputing the information in Excel.

CurrentYearSalesTotalCosts(COGS&Admin.)Commonstock&Paid-inCapitalRetainedearningsDividendsPaidAccountspayableNotespayableLong-termdebtNetincomeCashAccountsreceivableInventoryNetplantandequipmentTaxrate71,00055,0006,000200,0004,2002,6005,70028,00012,6403,1404,2006,500150,00021% HEIR JORDAN CORPORATION Pro forma income statement Sales Costs Taxable income Taxes Net income Dividends Add. To Ret. Earnings

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