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integrative - pro forma statements. Red Queens Resturant wishes to prepare financial plans. use financial statements provided to prepare financial plans. please help me solve this i keep missing it. Thank you for the help!

i need a pro forma income statement using the percent of sales method and a balance sheet using the judgemental approach.

16 U10 (16 competej Question Help ncial plans. Use the financial statements and the other information provided here to prepare the financial plans. The following financial 020 will be $15,900 ement will remain unchanged ng the percent-of-sales method. al approach ng the percent-of-sales method. elow (Round to the nearest dollar. Round the percentage of sales to four decimal places) Clear All Check Answer 3:27 PM 7/18/2019 sting and Planning 18 of 18 (18 complete) Data Table (Click on the icon located on the top-right corner of the data tables below in order to copy its contents into a spreadsheel) Red Queen Restaurants Income Statement for the Year Ended December 31, 2019 Sales revenue $800,800 Less: Cost of goods sold 599,400 Gross profits $201.400 Less: Operating expenses 99.000 Net profits before taxes $102.400 Less: Taxes (rate=21%) 21.504 Net profits after taxes $80.896 Less: Cash dividends 20.400 To retained earnings $60,496 Red Queen Restaurants Balance Sheet December 31, 2019 Assets Liabilities and Stockholders' Equity Cash 531,300 Accounts payable $100.400 Marketable securities 17.300 Taxes payable 20.700 Print Done ting and Planning 18 of 18 (18 complete) Data Table LUSS. COSTUTYUuus SUR Gross profits Less: Operating expenses Net profits before taxes Less: Taxes (rate=21%) Net profits after taxes Less: Cash dividends To retained earnings 933, UU $201.400 99,000 $102,400 21,504 $80,896 20,400 $60,496 Red Queen Restaurants Balance Sheet December 31, 2019 Assets Liabilities and Stockholders' Equity Cash $31,300 Accounts payable $100,400 Marketable securities 17 300 Taxes payable 20.700 Accounts receivable 149.400 Other current liabilities 4.100 Inventories 100 000 Total current liabilities $125,200 Total current assets $298,000 Long-term debt $198.500 Net fixed assets 350.600 Common stock $149.900 Retained earnings $175.000 Total assets $648,600 Total liabilities and equity $648 600 Print Done IllugluuicTIV Ulla LDLETENS NU VULET Resul dins WESTES I piedi il diidi pidis. Use it did data are also available: (1) The firm has estimated that its sales for 2020 will be $900,000. (2) The firm expects to pay $34,100 in cash dividends in 2020. (3) The firm wishes to maintain a minimum cash balance of $30,100. (4) Accounts receivable represent approximately 22% of annual sales. (5) The firm's ending inventory will change directly with changes in sales in 2020. (6) A new machine costing $43,500 will be purchased in 2020. Total depreciation for 2020 will be $15,900. (7) Accounts payable will change directly in response to changes in sales in 2020. (8) Taxes payable will equal one-fourth of the tax liability on the pro forma income statement. (9) Marketable securities, other current liabilities, long-term debt, and common stock will remain unchanged. a. Prepare a pro forma income statement for the year ended December 31, 2020. using the percent-of-sales method b. Prepare a pro forma balance sheet dated December 31, 2020, using the judgmental approach c. Analyze these statements, and discuss the resulting external finan a. Prepare a pro forma income statement for the year ended December 31, 2020 using the percent-of-sales method Complete the pro forma income statement for the year ended December 31, 2020 below. (Round to the nearest dollar. Pro Forma Income Statement Red Queen Restaurants for the Year Ended December 31, 2020 Enter any number in the edit fields and then click Check Answer Clear All parts remaining (J) I I Relaule Securities, Quer current liabilities, long-term debt, and common ste a. Prepare a pro forma income statement for the year ended December 31, 2020. b. Prepare a pro forma balance sheet dated December 31, 2020, using the judam c. Analyze these statements, and discuss the resulting external financing required Red Queen Restaurants for the Year Ended December 31, 2020 (percent-of-sales method) Sales Less: Cost of goods sold Gross profits Enter any number in the edit fields and then click Check Answer! 2 parts remaining O Type here to search (1) Accounts payable will change directly in response to changes in sales in 2020. ulullased in 2020. Total depreciation for 2020 wi (8) Taxes payable will equal one-fourth of the tax liability on the pro forma income statement (9) Marketable securities, other current liabilities, long-term debt, and common stock will rem a. Prepare a pro forma income statement for the year ended December 31, 2020, using the b. Prepare a pro forma balance sheet dated December 31, 2020, using the judgmental appro c. Analyze these statements, and discuss the resulting external financing required. Gross profits Less: Operating expenses Net profits before taxes Less: Taxes (rate = 21%) Net profits after taxes Less: Cash dividends Enter any number in the edit fields and then click Check Answer. 3 parts remaining Type here to search te 9 The arm expects to pay $34,100 in cash dividends in 2020. 3) The firm wishes to maintain a minimum cash balance of $30.100. 4) Accounts receivable represent approximately 22% of annual sales. 5) The firm's ending inventory will change directly with changes in sale 6) A new machine costing $43,500 will be purchased in 2020. Total de (7) Accounts payable will change directly in response to changes in sale (8) Taxes payable will equal one-fourth of the tax liability on the pro form (9) Marketable securities, other current liabilities, long-term debt, and co a. Prepare a pro forma income statement for the year ended December b. Prepare a pro forma balance sheet dated December 31, 2020, using t c. Analyze these statements, and discuss the resulting external financing A A Net profits before taxes Less. Taxes (rate = 21%) Net profits after taxes Less Cash dividends A A To Retained earnings Enter any number in the edit fields and then click Check Answer 3 parts remaining O Type here to search

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