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This answer results from not deducting taxes from net income in calculating the addition to retained earnings on the pro forma balance sheet.
This answer results from not including the addition to retained earnings in the equity section of the pro forma balance sheet.
This answer results from using an addition to retained earnings equal to the full amount of the net income on the pro forma balance sheet. However, the addition to retained earnings should be net income minus dividends to be paid.
To construct a pro forma balance sheet and income statement in order to determine the amount of external financing that will be needed next year, we begin with the sales forecast and forecast the income statement. For each line item on the income statement with the exception of net interest expense, we use the same ratio to forecasted sales as in the past year. (Note: You can also calculate these amounts by multiplying the past year's amounts by 1.15.) PRO FORMA INCOME STATEMENT Net sales $100,000× 1.15 $115,000 Cost of goods sold $115,000× .662 76,130 Gross profit $ 38,870 Selling expense $115,000 × .164 18,860 General & admin. expense $115,000 × .112 12,880 EBIT $ 7,130 Net interest expense 1,396 (see Note 1) EBT $ 5,734 Taxes @ 35% 2,007 Net income $3,727 Minus: dividends $975 × 1.04 1,014 Addition to retained earnings $2,713 Note 1: Net interest expense = (10,000 × .055) + (35,600 × .075) ? (45,600 × .04) = 1,396 The next step is to forecast the balance sheet. Held-to-maturity securities, notes payable, long-term debt, common stock and additional paid-in capital will be the same as last year. The company's fixed assets are presently being used at 85% of their capacity to generate sales of $100,000. If they were being used at 100% of their capacity, sales would be $100,000 ÷ .85, which is $117,647. Therefore, since sales are forecasted to grow to $115,000 and that is less than $117,647, no new fixed assets will be required and net fixed assets will also be the same as last year. Cash, accounts receivable, inventory, accounts payable and accrued liabilities will be the same percentage of forecasted sales as they were of actual sales. Retained earnings will be last year's amount plus the addition to retained earnings calculated above. PRO FORMA BALANCE SHEET Assets Liabilities Cash ($115,000 × .097) $ 11,155 A/P ($115,000 × .03) $ 3,450 A/R ($115,000 × .153) 17,595 Notes payable 10,000