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Pro Forma


The intent of this assignment is for you to prepare pro forma financial statements for an organization. This information is important to you because any type of business organization needs to use these statements to project their financial performance. This information is required in order to obtain financing for the business and to be prepared for cash flow needs.


For this assignment, you will need to use the information provided below to complete the tables as shown. Assume sales will increase by 30% in 2013. You will need to create your own Word doc or Excel spreadsheet to upload your assignment.

Income Statement

Vector Manufacturing Income Statement

2012 Actual

Pro Forma

Sales revenue


Less: Cost of goods sold

Fixed cost


Variable cost (40% of sales)


Gross Profit


Less: Operating expenses

Fixed expense


Variable expense (5% of sales)


Operating profits


Less: Interest expense (all fixed)


Net profits before taxes


Less: Taxes (15% of net profit before taxes)


Net profits after taxes


Balance Sheet

Use the following information and the table below to complete the 2013 balance sheet.

Minimum cash balance of $5,000 is required.
Marketable securities will remain unchanged.
Accounts receivable on average represent 45 days of sales (about 1/8 of year or 12.5%).
Ending inventory will remain unchanged.
A new machine costing $20,000 will be purchased, and total depreciation for the year is $5,000.
Purchases will represent 30% of annual sales. It will take 75 days to pay the accounts payable, so accounts payable should equal 75 days/365 days or 20.5% of the firm s purchases.
Taxes payable will equal 25% of the firm s tax liability as shown on the income statement (see taxes on income statement).
Notes payable will be used for additional financing needs ( plug ).
No change in other current liabilities is expected.
No changes to long-term debt or common stock are expected.
Retained earnings will equal the beginning balance from 2012 plus the 2013 profit (see pro forma income statement). A $5,000 dividend payment will be made in 2013.
Vector Manufacturing Balance Sheet






Marketable securities


Accounts receivable




Total current assets


Net fixed assets


Total assets


Liabilities and Stockholders’ Equity

Accounts payable


Taxes payable


Notes payable


Other current liabilities


Total current liabilities


Long-term debt


Total liabilities


Common stock


Retained earnings


Total liabilities and stockholders’ equity


Subject Business

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