Using table 6-13, create a pro forma balance sheet using thepercentage of sales method. If net income next year is $50,000,answer the following. How much did the owners take out of thebusiness? What is the profit margin for next year?

		Total Sales Current Year $275,000	Percentage of Sales (%)	Forecast Sales Next Year $350,000
Assets
	Current Assets
	Cash	$5,694	2.07	7,247
	Accounts Receivable	19,662	7.15	25,024
	Inventory	3,381	1.23	4,303
Total Current Assets		$28,737	10.45	$36,574
Fixed Assets
	Furniture & Fixtures	5,595	2.03	7,121
	Transportation Equipment	25,456	9.26	32,399
Total Fixed Assets		$31,051	11.29	$39,519
Total Assets		$59,788	21.74	$76,094
Liabilities and Owner's Equity
Current Liabilities
	Notes Payable	$15,456	5.62	$19,671
	Accrued Taxes Payable	3,598	1.31	4,579
Total Current Liabilities		$19,054	6.93	$24,251
Long Term Debt		18,654	6.78	23,741
Total Liabilities		$37,708	13.71	$47,992
Owner's Equity		22,080	8.03	28,102
Total Liabilities and Owner's Equity		$59,788	21.74	$76,094