Required : Prepare a cost of goods manufactured schedule , a proforma income statement and proforma balance sheet . =================================================== ACCT 556 Week 7 Course Project ( Fanciful Inc )
Additional information that is available : 1 . The expected tax rate is 35 % 2 . The company is planning a stock issue of $ 25,000 3 . Income taxes are paid 3 months after the year-end 4 . The company anticipates purchasing a new patent for $ 10,000 during the year . 5 . WIP inventory is expected to decrease by $ 2,000 6 . Finished goods inventory is expected to increase by $ 8,000 7 . Due to insurance rate increases , it is expected that prepaid expenses will increase by $ 3,000
Investment information : 1 . A purchase of additional equipment for $ 75,000 is expected on January 1st . 2 . The purchase will be made using $ 50,000 cash and long-term debt will be increased by $ 25,000
Long-Term Debt information : 1 . All long-term debt will have an 8 % annual rate . 2 . A payment of $ 50,000 including BOTH principle and interest will be made on December 31st .
Required : Prepare a cost of goods manufactured schedule , a proforma income statement and proforma balance sheet . =================================================== ACCT 556 Week 7 Course Project ( Fanciful Inc )
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ACCT 556 Week 7 Course Project ===================================================