Question: Need Help turning this income statement into a pro forma income statement Income Statement Period Ending: 12/31/2020 12/31/2021 12/31/2022 Total Revenue $14,145,000 $13,708,000 $12,218,000 Cost

Need Help turning this income statement into a pro forma income statement

Income Statement
Period Ending: 12/31/2020 12/31/2021 12/31/2022
Total Revenue $14,145,000 $13,708,000 $12,218,000
Cost of Revenue $10,033,000 $9,813,000 $8,802,000
Gross Profit $4,112,000 $3,895,000 $3,416,000
Operating Expenses
Research and Development -- -- --
Sales, General and Admin. $3,748,000 $3,977,000 $4,730,000
Non-Recurring Items $4,000 $12,000 $70,000
Other Operating Items -- -- --
Operating Income $360,000 ($94,000) ($1,384,000)
Add'l income/expense items ($9,000) ($4,000) $92,000
Earnings Before Interest and Tax $351,000 ($98,000) ($1,292,000)
Interest Expense $146,000 $32,000 $27,000
Earnings Before Tax $205,000 ($130,000) ($1,319,000)
Income Tax $20,000 $1,000 $12,000
Minority Interest -- -- --
Equity Earnings/Loss Unconsolidated Subsidiary -- -- --
Net Income-Cont. Operations $185,000 ($131,000) ($1,331,000)
Net Income $185,000 ($131,000) ($1,331,000)
Pro Forma - Income Statement
Period Ending: 2023 2024 2025
Total Revenue
Cost of Revenue
Gross Profit
Operating Expenses
Research and Development
Sales, General and Admin.
Non-Recurring Items
Other Operating Items
Operating Income
Add'l income/expense items
Earnings Before Interest and Tax
Interest Expense
Earnings Before Tax
Income Tax
Minority Interest
Equity Earnings/Loss Unconsolidated Subsidiary
Net Income-Cont. Operations
Net Income

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!