Pro forma income statement. Given the income statement below, for California Cement Company for...
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Pro forma income statement. Given the income statement below, for California Cement Company for 2013 and an expected sales growth rate of 6.79 % for 2014, prepare a pro forma income statement for 2014.
First, find the percentage of each income statement line from 2013 as a percent of sales (round to 3 decimal placed)
Prepare a pro forma income statement for 2014
California Cement Company Income Statement for 2013 Sales revenue $ 22,895,000 Cost of goods sold $ 11,678,000 Selling, general, and administrative expenses $ 3,935,000 Depreciation expenses -1,398,000 EBIT 5,884,000 Interest expense -180,000 Taxable income 5,704,000 Taxes -2.499,753 Net income $ 3,204,247
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