when beginning to develop pro forma 11) Managers often begin with an estimate of financial statements A) net income B) sales C) assets D) equity 12) When constructing pro forma income statements which of the following is the last item to be! estimated? A) sales B) the change in retained earnings C) depreciation expense D) taxes 13) When constructing a pro forma income statement, which of the following is likely to be calculated first among the items listed? A) dividends B) taxes C) cost of goods sold D) interest expense becomes the "plug" figure to 14) 6) When constructing pro forma balance sheets, make the balance sheet balance. A) new fixed assets required B) addition to retained earnings C) cash D) external funding required come statement for the coming year. The chie