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    Tutorial 5

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    mint chocolate

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    Tutorial 5

    Uploaded by

    mint chocolate
    6 views2 pages

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    © © All Rights Reserved

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    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    6 views2 pages

    Tutorial 5

    Uploaded by

    mint chocolate

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    You are on page 1of 2

    Fashion Trends, Inc.

    Pro Forma Income Statement


    For the Period Ended Dec. 31, 2017
    2018* 2017 2016
    Sales 7,100,000 6,148,000 5,134,000
    Cost of Goods Sold 4,777,526 4,176,000 3,422,000
    Gross Profit 2,322,474 1,972,000 1,712,000
    S,G&A Expenses 747,492 588,000 590,000
    Fixed Expenses 70,000 70,000 70,000
    Depreciation Expense 528,000 478,000 446,000
    EBIT 976,982 836,000 606,000
    Interest Expense 139,384 186,000 182,000
    Earnings Before Taxes 837,598 650,000 424,000
    Taxes 335,039 195,000 127,200
    Net Income 502,559 455,000 296,800

    Notes:
    Tax Rate 40% 30% 30%

    Additional Depreciation 50,000


    Short-term Interest Rate 4%
    Long-term Interest Rate 7%
    DFN for Scenarios in part c -145,087
    Fashion Trends, Inc.
    Pro Forma Balance Sheet
    As of Dec. 31, 2017
    Assets 2018* 2017 2016
    Cash and Equivalents 862,000 862,000 678,000
    Accounts Receivable 1,085,660 1,006,000 730,000
    Inventory 748,632 578,000 600,000
    Total Current Assets 2,696,292 2,446,000 2,008,000
    Plant & Equipment 9,838,000 9,338,000 8,644,000
    Accumulated Depreciation 5,118,000 4,590,000 4,112,000
    Net Fixed Assets 4,720,000 4,748,000 4,532,000
    Total Assets 7,416,292 7,194,000 6,540,000
    Liabilities and Owners' Equity
    Accounts Payable 814,545 764,000 540,000
    Short-term Notes Payable 158,000 158,000 198,000
    Accrued Expenses 341,276 318,000 228,000
    Total Current Liabilities 1,313,820 1,240,000 966,000
    Long-term Debt 1,900,913 2,046,000 1,934,000
    Total Liabilities 3,214,733 3,286,000 2,900,000
    Common Stock 1,638,000 1,638,000 1,616,000
    Retained Earnings 2,563,559 2,270,000 2,024,000
    Total Shareholder's Equity 4,201,559 3,908,000 3,640,000
    Total Liabilities and Owners' Equity 7,416,292 7,194,000 6,540,000

    *Forecast
    Discretionary Financing Needed 0 Balanced
    Total Accumulated DFN -145,087

    2017 Dividends 209,000


    Net Addition to Plan and Equipment 500,000
    Life of New Equipment in Years 10
    Salvage Vlaue of New Equipment 0
    New Depreciaton (Straight Line) 50,000
    Iteration 1

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