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KMorgan CorporationIncome Statement2020$ 3,600,000.00 $ 3,300,000.00$ 2,300,000.00 $ 2,250,000.002021 Increase/Decrease Percentage$ 1,300,000.00$ 1,050,000.00es $ 650,000.00...

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KMorgan CorporationIncome Statement2020$ 3,600,000.00 $ 3,300,000.00$ 2,300,000.00 $ 2,250,000.002021 Increase/Decrease Percentage$ 1,300,000.00$ 1,050,000.00es $ 650,000.00 S 600,000.00$ 90,000.00 $ 100,000.00740,000.00 $ 700,000.00560,000.00 $54,000.00 $ 52,000.00350,000.0091,000.00 $ 58,000.00M415,000.00 $ 240,000.00-300000.00-50000.00-250000.00-50000.0010000.00-40000.00-210000.00-2000.00N-33000.00-8.33%-2.17%-19.23%-7.69%11.11%-5.41%-37.50%-3.70%-36.26%-175000.00-42.17% Use your 2021 Income Statement as your base, and then make the adjustments listed below in order to construct a 2022 Pro Forma Income Statement.
Pro Forma Income Statement for 2022 includes the following Management assumptions.
Sales for existing business will remain at $3,300,000, but add $500,000 for new clothing line.
Cost of Goods Sold for existing business will remain at $2,250,000. Add $300,000 to Cost of Goods Sold for new clothing line.
Selling and Administrative Expenses will increase by 15% with new line.
Assume Interest will be $50,000 in 2022.
Assume Taxes will be 30% of Earnings Before Taxes for 2022.
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