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Data table (Click on the icon here p. in order to copy the contents of the data table below into a spreadsheet.) a. Prepare a pro forma income statement for next yeat, using the fixed cost data given to improve the accuracy of the percent-of-sales method. b. Prepare a pro forma balance aheet for next year, using the informaton given and the judgmental approach, Include a reconciliation of the retained earnings acoount. c. Analyze these statements, and discuss the resulting external financing required. Integrative - Pro forma statements. Provincial lmports, Inc, has assembled last year's financial statements (inceme statemant and balarice sheef for use in preparing financial plans for the coming year. Information related to financial projections for next year is as follows: (1) Projected sales are $6.005,000 (2) Cost of goods sold last year includes 5995,000 in fixed costs. (3) Operating expense last year includes $244,000 in fxed costs. (4) Interest expense will remain unchanged. (5) The firm will pay cash dividends amounting to 35% of net profits after taxes. (6) Cash and inventories will double. (7) Marketable securlies, notes payable, long-term debt, and common stock will remain unchanged (8) Accounts recalvable, accounts payable, and other cuirent liabintes will change in direct response to the change in sales (9) A new computer 5ystem costing $364,000 will be purchased during the year. Total depreciation expense for the year will be $ to6, 000 . (10) The tax rate will remain at 40%. Integrative-Pro forma statements Provincial imports, Inc., has assembled last year's financial statements (income statement and bolance sheet for use in preparing financial plans for the coming year. Information related to financial projections for next yoar is as follows: (1) Projected sales are 56,005,000. (2) Cast of goods sold last year includes $995,000 in foxed costs (3) Operating expense last year includes $244,000 in fixed costs (4) lnterest expense will remain unchanged (5) The firm will pay cash dividends amounting to 35% of net profits atter taxes. (6) Cash and inventories will double (T) Marketable securkios, notes payable, long-term debt, and common stock wef remain unchanged (8) Accounts recelvable, accounts payable and other current liablities vill chango in direct response to the change in sales: (9) Anow computer system costing $364,000 will be purchased during the year. Total depreclation expense for the yoar wil be $106,000. (10) The tax rate will remain at 40%. a. Prepare a pro forma income statement for next year, using the fixod cost data given to improve the accuracy of the percent-of-sales method. b. Prepare a pro forma balance sheet for next year, using the information glven and the judgmental approach. Include a reconciliation of the retained earnings account. c. Analyze these statements, and discuss the resulting external financing required. Question 4, P4-21 (similar to) Data table Provincial Imports, Inc. Income Statement for the Year Just Ended \begin{tabular}{lr} \hline Sales revenue & $4,996,000 \\ Less: Cost of goods sold & 2,760,000 \\ Gross profits & $2,236,000 \\ Less: Operating expenses & 842,000 \\ \cline { 2 - 2 } Operating profits & $1,394,000 \\ Less: Interest expense & 204,000 \\ \cline { 2 - 2 } Net profits before taxes & $1,190,000 \\ Less: Taxes (rate =40% ) & 476,000 \\ \cline { 2 - 2 } Net profits after taxes & $714,000 \\ Less: Cash dividends & 285,600 \\ \cline { 2 - 2 } To retained eamings & $428,400 \\ \hline \end{tabular} (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Provincial Imports, Inc. Balance Sheet for the Year Just Ended Done Pro Forma Income Statement Provincial Imports, Inc. for Next Year (percent-of-sales method) Sales Less: Cost of goods sold Gross profits Less: Operating expenses Operating protits Less: Interest expense Net profits before taxes Less: Taxes (rate =40% ) Net profits after taxes Less: Cash dividends (40\%) To Retained earnings