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Pro Forma Statements

Consider the following simplified financial statements for the Yoo Corporation (assuming no income taxes):

Income Statement		Balance Sheet
Sales	$35,000 Assets	Debt	$26,400
Costs	29,800	Equity	-0-
Net Income	$6,200	Total	$26,400

The company 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?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92799706

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