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 ===================================================