Au Courant Bakery is a new firm specializing in gluten free pastry products. In attempting to determine what the financial position of the firm should be, the financial manager obtained the following average data for the baking industry for 2014
All data is expressed as a percentage of sales.
Fill in the dollar amounts on Au Courant's pro forma balance sheet assuming 2015 sales are $450,000.
Au Courant Bakery
Pro Forma Balance Sheet
December 31, 2015
Cash, 2.22% Accounts payable, 6.67%
Accounts receivable, 2.78% Long-term debt, 6.67%
Inventory, 3%
Total current assets ? Common equity, ?
Fixed assets ? Total liabilities and equity, ?
Total assets, 33%
Answer:
Au Courant Bakery
Pro Forma Balance Sheet
December 31, 2015
Cash $9,900 Current debt $30,000
Accounts receivable 12,510 Long-term debt 30,000
Inventory 13,500
Total current assets $35,910 Common equity 90,000
Fixed assets 114,090 Total liabilities
Total assets $150,000 and equity $150,000
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