Net Income 4,815,000
Transfer this income statement to an Excel spreadsheet and begin to prepare a Pro Forma Income statement for 2016 based on the following information:
1. Sales revenue to increase 5.2 %, COGS to increase 4.5 %, S, G & A will increase 3.8 % and depreciation expense will be $ 3,255,000. Assume interest expense to be $ 375,000 and taxes are to be 40 % of taxable income. You will now have income statements for 2015 and 2016 for ICS Manufacturing.
This is the balance sheet information for ICS Manufacturing Company: ICS Manufacturing Company Balance Sheet for year ending December 31, 2015
Assets Liabilities
Cash |
$ 2,625,000 |
Accounts Payable |
$ 5,825,000 |
|
|
Accounts Receivable |
$ 2,715,000 |
Other Current |
Liabilities $ 3,365,000 |
|
|
Inventories |
$ 1,514,000 |
Total Current |
Liabilities $ 9,190,000 |
|
|
Total Current Assets $ 6,854,000