Question: PLEASE SOLVE STEP BY STEP REGULARLY WTH FORMULAS . THANKS Use the percent-of-sales method to prepare a pro forma income statement for the year ended

PLEASE SOLVE STEP BY STEP REGULARLY WTH FORMULAS . THANKS Use

PLEASE SOLVE STEP BY STEP REGULARLY WTH FORMULAS . THANKS

Use the percent-of-sales method to prepare a pro forma income statement for the year ended December 31, 2020, for Fall, Inc. Fall, Inc. estimates that its sales in 2020 will be $9.000.000. Interest expense is to remain unchanged and the firm plans to pay cash dividends of $300.000 during 2020. Fall, Inc.'s income statement for the year ended December 31, 2019 is shown below. Income Statement Fall, Inc. For the year Ended December 31, 2019 Sales Revenue 8.400.000 Costs of Goods Sold 7.140.000 Gross Profits 1.260.000 Operating Expenses 420.000 Earnings before Interest and Taxes (EBIT) 840.000 ( Interest Expenses 210.000 Earnings before Taxes 630.000 Taxes (40%) 252.000

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