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ATC 14-1 Business Applications Case Preparing and using pro forma statement Maria Gutierrez and Devin Duzan recently graduated from the same university. After graduation decided not to seek jobs at established organizations but, rather, to start their own small busin ing they could have more flexibility in their personal lives for a few years. Maria's family has Mexican restaurants and taco trucks for the past two generations, and Maria noticed there were r truck services in the town where their university was located. To reduce the amount they would need for an initial investment, they decided to start a business operating a taco cart rather than a from which they would cook and serve traditional Mexican-styled street food They bought a used taco cart for $15,000. This cost, along with the cost for supplies to get started, a business license, and street vendor license brought their initial expenditures to $20,0 They took $5,000 from personal savings they had accumulated by working part time during coll and they borrowed $15,000 from Maria's parents. They agreed to pay interest on the outstanding loan balance each month based on an annual rate of 4 percent. They will repay the principal over the n few years as cash becomes available. They were able to rent space in a parking lot near the campus they had attended, believing that the students would welcome their food as an alternative to the typical fast food that was currently available After two months in business, September and October, they had average monthly revenues of $20,000 and out-of-pocket costs of $16,000 for rent, ingredients, paper supplies, and so on, but interest. Devin thinks they should repay some of the money they borrowed, but Maria thinks they should prepare a set of forecasted financial statements for their first year in business before d ing whether or not to repay any principal on the loan. She remembers a bit about budgeting fro survey of accounting course she took and thinks the results from their first two months in busin can be extended over the next 10 months to prepare the budget they need. They estimate the will last at least five years, after which they expect to sell it for $5,000 and move on to somethin else in their lives. Maria agrees to prepare a forecasted (pro forma) income statement, bal sheet, and statement of cash flows for their first year in business, which inclu already passed