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Income Statement Balance Sheet 2. Assume York Corp. (above) pays out half of the net income...
Income Statement Balance Sheet 2. Assume York Corp. (above) pays out half of the 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 and determine the external financing needed. Sales $36,000 Cost of Goods 29,800 Net Income 6,200 Assets 26,400 Debt 6,300 Equity 20,100 Total Assets 26,400 Total Liab’s & Equity 26,400
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Expert Solution
| York Corp. | |
| Proforma Income Statement for the year ended | |
| Head | Value |
| I. INCOME | |
| Sales | $ 36,000 |
| Total Income | $ 36,000 |
| II. EXPENDITURE | |
| Cost of Goods Sold | $ 29,800 |
| Total Expenditure | $ 29,800 |
| Net Profit for the year | $ 6,200 |
| Proforma Balance Sheet | |
| Head | Value |
| I.SOURCES OF FUNDS : | |
| Equity | $ 20,100 |
| Debt | $ 6,300 |
| TOTAL LIABILITIES | $ 26,400 |
| II. APPLICATION OF FUNDS : | |
| Assets | $ 26,400 |
| TOTAL ASSETS | $ 26,400 |
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