Pro Forma Statements [LO1] Consider the following simplified financial statements for the Phillpe Corporation (assuming no income taxes):
Income Statement | Balance Sheet | ||||
Sales | $ 23,000 | Assets | $ 15,800 | Debt | $ 5,200 |
Costs | 16,700 |
|
| Equity | 10,600 |
Net income | $ 6,300 | Total | $ 15,800 | Total | $ 15,800 |
Phillpe has predicted a sales increase of 15 percent. It has predicted that every item on the balance sheet will increase by 15 percent as well. Create the pro forma statements and reconcile them. What is the plug variable here?
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.