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Category > Business & Finance Posted 20 Jun 2017 My Price 12.00

The financial statements for the year

The financial statements for the year ended June 30, 2011, are given below for Morgan Construction Company. The firm"s sales are projected to grow at a rate of 25 percent next year, and all financial statement accounts will vary directly with sales. Based on that projection, develop a pro forma balance sheet and an income statement for the 2012 fiscal year.

Morgo Construction Company Balance Sheet of june 30,2011

Assets:

  

Liabilities and StockHolder"s Equity

Cash

$3,349,239

Accounts Paybles

$9,041,679

Accounts receivables

5,830,754

Notes Paybles

4,857,496

Inventories

22,267,674

    

Total current assets

$31,447,667

Total current liabilities

$13,899,175

Net Fixed assts

43,362,482

Long term debit

29,731,406

Other assets

1,748,906

Common Stock

19,987,500
   

Retained earning

12,940,974

Total assets

$76,559,055

Total liabilities and equty

$76,559,055

Morgan Construction Company Income Statement for the Fiscal Year Ended June 30, 2011

Net sales

$ 193,212,500

Costs

45,265,625

EBITDA

$ 47,946,875

Depreciation

23,318,750

EBIT

$ 24,628,125

Interest

11,935,869

EBT

$ 12,692,256

Taxes (35%)

4,442,290

Net income

$ 8,249,966

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Status NEW Posted 20 Jun 2017 06:06 AM My Price 12.00

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