September 2023 1 The FINC 5000 Associates Corporation FAC has begun selling a new
2024 FINC 5000 Associates Corporation Assignment Help
1 The FINC 5000 Associates Corporation FAC has begun selling a new 2023
1. The FINC 5000 Associates Corporation (FAC) has begun selling a new product and they want you to help them with next year’s pro forma financial statements. Using the worksheet below, complete the company’s forecast. Assumptions: To begin with, FAC is sure sales will grow 20% next year. Assume that is true. Then assume that COGS, Current Assets, and Current Liabilities all vary directly with Sales (that means if sales grows a certain percentage, then the account in question will grow by that same percentage). Assume that fixed expenses will remain unchanged and that $2,000 worth of new Fixed Assets will be obtained next year. Lastly, the current dividend policy will be continued next year. FINC 5000 Associates Corporation Financial Forecast Estimated This year for next year Sales $10,000 ________ COGS 4,000 ________ Gross Profit 6,000 ________ Fixed Expenses 3,000 ________ Before Tax Profit 3,000 ________ Tax @ 33.3333% 1,000 ________ Net Profit $2,000 ________ Dividends $0 ________ Current Assets $25,000 ________ Net Fixed Assets 15,000 ________ Total Assets $40,000 ________ Current Liabilities $17,000 ________ Long term debt 3,000 ________ Common Stock 7,000 ________ Retained Earnings 13,000 ________ Total Liabs & Eq $40,000 ________ (AFN) = ________
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