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Needing help on Pro Forma Income Statement and Pro Forma Balance Sheet. I have the workbooks completed, but they are wrong. Net income should be $74036.30 and Assets total should be $117534.20. Help please!

Pro Forma Information:

1. Cost of leasing commercial space: $1500 per month

2. Cost of new equipment: $15000 purchased with a long-term note. Use straight-line depreciation assuming a seven-year life, no residual value. Use full year's depreciation for the first year. Equipment purchase was financed with a long-term note.

3. Cost of hiring and training new employees: three at $25000 each for the first year.

4. Except as noted below in 1, 2, 3, and 5, assets, current liabilities, sales, cost, and expenses are expected to be 80% of the existing store (from preliminary statements) except no stock. Retaining earning = net income.

5. Cash: $7000. Accounts receivable amount to 4.0 turns (account receivable turnover will be 4.0); inventory to show 3.0 turns (inventory turnover will be 3.0). No stock will be issued. Retained earnings are to equal net income. Additional financing of $5000 will be long-term. Add the remaining amount needed to balance into accounts payable.

Balance Sheet 2017
Assets			Liabilities
Cash	68520.04		Accounts Payable	23437.11
Accounts Receivable	68519.91		Wages Payable	3383.28
Other Receivable-Insurance	700		Interest Payable	211.46
Baking Supplies	18681.70		Customer Deposit	1000
Consignment Inventory	200		Total Current Liabilities		28031.85
Merchandise Inventory	1038.07		Long Term Liabilities
Prepaid Rent	2114.55		Notes Payable	5000
Prepaid Insurance	2114.55		Total Long Term Liabilities		5000
Misc. Supplies	170.49		Total Liabilities		33031.85
Total Current Assets		162059.31	Common Stock	20000
Long Term/Fixed Assets			Retained Earnings	120621.02
Baking Equipment	12000		Total Equity		140621.02
Accumulated Depreciation	-406.44		Total Liabilities & Equity		173652.87
Net Fixed Assets		11593.56
Total Assets		173652.87

Income Statement 2017
Bakery Sales	327322.55
Merchandise Sales	1205.64
Total Sales		328528.19
Cost of Goods Sold-Baked	105834.29
Cost of Goods Sold-Merchandise	859.77
Total Cost of Goods Sold		106694.06
Gross Profit		221834.13
Operating Expenses
Rent Expense	24549.19
Wages Expense	10670.72
Misc. Supplies Expense	3000.46
Business License Expense	2045.77
Misc. Expense	1363.84
Deprecation Expense	677.86
Insurance Expense	1091.08
Advertising Expense	1549.74
Interest Expense	818.31
Telephone Expense	490.98
Gain/Loss on Disposal of Equipment	100
Total Operating Expense		46357.95
Net Income		175476.18

Pro Forma Balance Sheet 2018
Assets			Liabilities
Cash	7000		Accounts Payable	129032.25
Accounts Receivable	131411.28		Wages Payable	206.62
Other Receivable-Insurance	560		Interest Payable	169.17
Baking Supplies	56444.95		Customer Deposit	800
Consignment Inventory	160		Total Current Liabilities		132708.04
Merchandise Inventory	458.55		Long Term Liabilities
Prepaid Rent	1691.64		Notes Payable	4000
			Long Term Finance	5000
Prepaid Insurance	1691.64		Total Long Term Liabilities		9000
Misc. Supplies	136.39
Total Current Assets		199554.45	Common Stock	16000
Long Term/Fixed Assets			Retained Earnings	68914.42
Baking Equipment	9600		Total Equity		84914.42
Accumulated Depreciation	325.15		Total Liabilities & Equity		226622.46
New Equipment	15000
Depreciation	2142.86
Net Fixed Assets		27068.01
Total Assets		226622.46

Pro Forma Income Statement 2018
Bakery Sales	261858.04
Merchandise Sales	964.51
Total Revenue		262822.55
Cost of Goods Sold-Baked	84667.43
Cost of Goods Sold-Merchandise	687.82
Total Cost of Goods Sold		85355.25
Gross Profit		177467.30
Operating Expenses
Loss on Disposal	80
Cost of Leasing Commercial Space	18000
Cost of Hiring and Training New Employees	75000
Wages Expense	8536.58
Misc. Supplies Expense	1091.07
Deprecation Expense	2685.15
Insurance Expense	872.86
Advertising Expense	1239.79
Interest Expense	654.65
Telephone Expense	392.78
Total Operating Expense		108552.89
Net Income		68914.42

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