1 answer

The most recent financial statements for Scott, Inc., appear below. Sales for 2020 are projected to...

Question:

The most recent financial statements for Scott, Inc., appear below. Sales for 2020 are projected to grow by 20 percent. Inter
SCOTT, INC. Balance Sheet as of December 31, 2019 Assets Liabilities and Owners Equity Current assets Current liabilities Ca
In 2019, the firm operated at 75 percent of capacity. Construct the pro forma income statement and balance sheet for the comp
Assets Current assets Cash Accounts receivable Inventory Total Pro Forma Balance Sheet Liabilities and Owners Equity Current
The most recent financial statements for Scott, Inc., appear below. Sales for 2020 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate also will remain constant Costs, other expenses, current assets, and accounts payable increase spontaneously with sales. 3:03 SCOTT, INC 2019 Income Statement Sales Costs Other expenses $750,000 585,000 21,000 Earnings before interest and taxes Interest expense $ 144,000 17,000 Taxable income Taxes (22%) $ 127,000 27.940 Net income $ 99,060 Dividends Addition to retained earnings $ 29,718 69,342
SCOTT, INC. Balance Sheet as of December 31, 2019 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 20,940 Accounts payable $ 55,100 Accounts receivable 43,880 Notes payable 14,300 8 Inventory 94,960 Total $ 69,400 Total $ 159,780 Long-term debt $ 133,000 Fixed assets Net plant and equipment $426,000 Owners' equity Common stock and paid.in $ 116,000 surplus Retained earnings 267,380 Total $383,380 Total assets $585,780 Total liabilities and owners equity $585,780 In 2019, the firm operated at 75 percent of capacity. Construct the pro forma income statement and balance sheet for the company. Assume that fixed assets are sold so that the company has a 100 percent asset utilization. (Do not round intermediate calculations.)
In 2019, the firm operated at 75 percent of capacity. Construct the pro forma income statement and balance sheet for the company. Assume that fixed assets are sold so that the company has a 100 percent asset utilization. (Do not round intermediate calculations.) Pro Forma Income Statement Sales Costs Other expenses EBIT Interest expense Taxable income Taxes Net income
Assets Current assets Cash Accounts receivable Inventory Total Pro Forma Balance Sheet Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity Fixed assets Net plant and equipment Total assets What is the EFN? (Do not round intermediate calculations. A negative answer should be indicated by a minus sign.) EFN

Answers

с D E F H 1 A B SCOTT INC 2020 INCOME STATEMENT 2 3 sales 900000 assets current asset cash - 702000 66120 -25200 14300 172800EFN = (159780/750000)*150000+(69400/750000)*150000-(99060/750000)*900000*(1-0.3) = -37393

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