Cost of goods sold 7,065
Major Manuscripts, Inc. 2012 Income Statement
Net sales $8,200
Cost of goods sold 7,065
Depreciation 250
Earnings before interest and taxes $885
Interest paid 51
Taxable Income $834
Taxes 332
Net income $502
Dividends $195
Major Manuscripts, Inc. 2012 Balance Sheet 2012 2012
Cash $2,800
Accounts payable $1,950
Accounts rec. 920
Long-term debt 340
Inventory 3,100
Common stock $3,500
Total $6,820
Retained earnings 4,830
Net fixed assets 3,800
Total assets $10,620
Total liabilities & equity $14,650
Major Manuscripts, Inc., is currently operating at maximum capacity. All costs, assets, and current liabilities vary directly with sales. The tax rate and the dividend payout ratio will remain constant. In 2013, no new equity will be raised and sales are projected to increase by 10 percent. Construct the pro formas for 2013 and answer the following questions (show your work!).
Projected total assets= $
Projected retained earnings= $
Additional new debt required= $
Answers: 1
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Major Manuscripts, Inc. 2012 Income Statement
Net sales $8,200
Cost of goods sold 7,065
Cost of goods sold 7,065
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