Create pro forma statements of five year projections that are clear, concise, and easy to read.XYZ Company, INC.Profit and Loss StatementYear Ended December 31, 20XX%Sales 1,750,450Returns and allowances 2,752Net Sales 1,747,698 100.0Cost of SalesBeginning Inventory 50,000Purchases 610,162Production Labor 420,108Ending Inventory 30,000Total Cost of Sales 1,050,270 60.1Gross Profit 697,428 39.9Selling ExpenseWages 75,000Commissions 25,000Marketing 25,000Total Selling Expenses 125,000 7.2Operating ExpenseSalaries 225,000Payroll taxes 29,000Benefits 27,000Office Supplies 500Postage 250Professional Fees 2,000Telephone 850Utilities 950Training & Education 250Miscellaneous 50Total Operating Expense 285,850 16.4Operating Profit-EBITDA 286,578 16.4Other Income (Expense)Interest (9,650)Depreciation (12,000)Amortization (2,500)Total Other Income (Expense) (24,150)Total Pre-tax Profit 262,428 15.0Income Tax Allowance 118,093Net Profit 144,335 8.3

XYZ Company, INC.

Balance Sheet

For Year Ending December 31, 20XX

ASSETS

Current Assets

Cash 10,525

Accounts Receivable 27,000

Inventory 30,000

Prepaid Expenses 2,000

Total Current Assets 69,525

Fixed Assets

Property-net of depreciation 215,000

Equipment-net of depreciation 80,000

Vehicles-net of depreciation 5,000

Total Fixed Assets 300,000

Total Assets 369,525

LIABILITIES

Current Liabilities

Revolving lines of credit 20,000

Accounts Payable 5,000

Current Portion of Long-term Debt 15,000

Total Current Liabilities 40,000

Long-term Liabilities

Long-term debt and capital leases 45,500

Loans payable to stockholders 60,500

Total Long-term Liabilities 106,000

Total Liabilities 146,000

Stockholders Equity

Common stock 1,000

Additional Paid-in Capital 25,000

Retained Earnings (Cum from prior years) 53,190

Retained Earnings (From current P&L) 144,335

Total Stockholders Equity 223,525

Total Liabilities and Stockholders Equity 369,525