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Prepare the pro forma statements

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Question - Consider the following simplified financial statements for the Wims Corporation (assuming no income taxes):

Income Statement

Balance Sheet

Sales

$46,900

Assets

$22,700

Debt

$6,700

Costs

41,140

 

 

Equity

16,000

Net income

$5,760

Total

$22,700

Total

$22,700

The company has predicted a sales increase of 18 percent. Assume the company pays out half of net income in the form of a cash dividend. Costs and assets vary with sales, but debt and equity do not. Prepare the pro forma statements.

Reference no: EM133054323

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