Using Table 6-13, create a pro forma balance sheet using the percentage of sales method. If net income next year is $50,000, answer the following:

a. How much did the owners take out of the business?
b. What is the profit margin for next year?

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Tatle 6-13, answers to question 11 Forecast Total Sales Pecertage Saes Next Cument Year of Saes Year $35D,DOD $275,000 (6) Assets CuTEnt Assets Cash Accourts Recevahle 5.694 19,662 3,381 S 28,737 7,247 25,024 4,303 10.45 36,574 207 7.15 1.23 Total Cument Assets Fxed Assets 7,121 32399 11.29 $ 39,519 21.74$76,094 Fumilune & Hxtures Transporaion Eq pment 5,595 25.456 31,051 203 9.26 Total Fxed Assets Total Assets $ 59,78 Liatities and owner's Equty Cument LiabiitieS 15,456 3,598 $19,054 18,654 37,708 22,080 Total Liatities and Owners E59,788 5.62 19,671 4,579 6.93 $ 24,251 23, 741 13.71 47,992 28, 102 21.74 76,094 Notes Payatle Accrued Taes Payable Total Cent Liatbites Long Tenn Dett Total Liatities Owner's Eqity 1.31 6.7S 8.03