Information from the financial statements of the Heir Jordan Corporation are shown below.Prepare the pro forma financial statements and calculate EFN, assuming a 15 percent increasein sales, no new external debt or equity financing, and a constant payout ratio.SalesCostsCashAccounts receivableInventoryNet plant and equipmentAccounts payableNotes payableLong-term debtCommon stockRetained earningsDividendsNet incomeIncrease in salesTax rateLA LA LA LA LA LA LA LA LA LA LA LA LA$$$$$$$$$46,00037,6002,9504,1006,40041,3002,4005,40028,00015,0003,9502,8806,55215%21% Pro forma income statementSalesCostsTaxable incomeTaxesNet incomeDividendsAddition to retained earningsAssetsCurrent assetsCashAccounts receivableInventoryTotalFixed assetsNet plant and equipmentBalance SheetLiabilities and Owners' equityCurrent liabilitiesAccounts payableNotes payableTotalLong-term debtOwners' equityCommon stockRetained earningsTotal

An income statement is a financial statement that shows you the company's income and expenditures.

Information from the financial statements of the Heir Jordan Corporation are shown below. Prepare the pro forma financial statements and calculate EFN, assuming a 15 percent increase in sales, no new external debt or equity financing, and a constant payout ratio. Sales Costs Cash Accounts receivable Inventory Net plant and equipment Accounts payable Notes payable Long-term debt Common stock Retained earnings Dividends Net income Increase in sales Tax rate $ $ $ $ $ LA GA $ $ 46,000 37,600 2,950 4,100 6,400 41,300 2,400 5,400 28,000 15,000 3,950 2,880 6,552 15% 21%

Information from the financial statements of the Heir Jordan Corporation are shown below. Prepare the pro forma financial statements and calculate EFN, assuming a 15 percent increase in sales, no new external debt or equity financing, and a constant payout ratio. Sales Costs Cash Accounts receivable Inventory Net plant and equipment Accounts payable Notes payable Long-term debt Common stock Retained earnings Dividends Net income Increase in sales Tax rate $ $ $ $ $ LA GA $ $ 46,000 37,600 2,950 4,100 6,400 41,300 2,400 5,400 28,000 15,000 3,950 2,880 6,552 15% 21%

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 16P: Ratios Analyses: McCormick Refer to the information for McCormick above. Additional information for...

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