# Construct Albert Retail Co's Pro Forma Income Statement and Balance Sheet for Years 1 to 3...

###### Question:

Construct Albert Retail Co's Pro Forma Income Statement and Balance Sheet for Years 1 to 3 under the following policies:

COGS+SG&A+Depreciation = 60% of Revenue

Dividend Payout = 50%

Current Assets = 40% of Revenue

Net Fixed Assets = 60% of Revenue

Current Liabilities = 70% of Current Assets

Corporate Tax Rate = 21%

 Year 0 (2018) 1 2 3 Revenue 150.0 195.0 253.5 253.5 COGS+SG&A+Depreciation 90.0 EBIT 60.0 Tax (21%) 12.6 Net Income 47.4 Dividends 23.7 Addition to Retained Earnings 23.7 Current Assets 60.0 Net Fixed Assets 90.0 Total Assets 150.0 Current Liabilities 42.0 Long-Term Liab - Debt 30.0 Owners' Equity 78.0 Total Liabilities and Owners' Equity 150.0 Assets – Liabilities &Owners Equity 0.0

What would you do for Year 2?

Question 19 options:

 Nothing, there will be an excess of cash for $20 Finance shortfall with Notes Payable for$20 Finance shortfall with Notes Payable for $8.7 Nothing, there will be an excess of cash for$8.7

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