# Proforma Income statement The marketing department of Metroline Manufacturing estimate that is sales

Proforma Income statement The marketing department of Metroline Manufacturing estimate that is sales in 2020 will be \$1.6 million. Interest expense is expeded to remain unchanged at \$31,000, and the firm plans to pay \$68,000 in cash dividends during 2020. Metroline Manufacturing&#39;s income statement for the year ended December 31, 2019, is given along with a breakdown of the firm&#39;s con el goods sold and operating expenses into their foued and variable components a. Use the percent of sales method to prepare a proforma Income statement for the year ended December 31, 2020. b. Use fixed and variable cost data to develop a proforma Income Matement for the year ended December 31, 2020. d. Compare and contrast the statements developed in partea and b. Which statement probably provides the botter estimate od 2000 income? Explain why a. Use the percent of sales method to prepare a pro forma income statement for the year ended December 31, 2020 Complete the proforma income statement for the year ended December 31, 2020 below. Round the percentage of sales to four decimal places and the proforma income statement amount to the nearest dlar. Data Table Pro Forma Income Statement Metroline Manufacturing, Inc. for the Year Ended December 31, 2020 (percent-of-sales method (Click on the loon located on the top right comer of the datatables below in order to oy contents into a spreadsheet) Sales Low Cost of goods sold Gross profits Less: Operating expenses Operating profits Less Interest expense Metroline Manufacturing Income Statement for the Year Ended December 31, 2019 Sales revenue \$1,396,000 Less Cost of goods sold 916,000 Gross profits \$480,000 Less: Operating expenses 122.000 Operating profits \$350.000 Less interest expense 31,000 Net profits before taxes \$327,000 LOS T 40%) 130.800 Net profits termes \$196,200 Less Cash dividends To retained comings Metroline Manufacturing Breakdown of Costs and Expenses Into Feed and Variable Components for the Year Ended December 31, 2019 Cost of goods sold 5214,000 Variable cost \$14.000 Operating expenses Faxed expenses \$31. 9 Varable expenses \$122.000 Enter any number in the edit fields and then click Check Answer 2 remaining 2 parts MacBook AS U WERru IU ) Proforma Income statement The marketing department of Metroline Manufacturing estimates that its sales in 2020 will be \$1.63 milion Interest expenses expected to remain unchanged af 31.000, and their plans to pay \$68,000 in cash dividends during 2020. Metroline Manufacturing&#39;s income statement for the year anded December 31, 2019, is given r. along with a breakdown of the firm&#39;s cost of goods sold and operating expenses into their fixed and variable components a. Use the percent of sales method to prepare a proforma income statement for the year anded December 31, 2020 b. Use fixed and variable cost data to develop a pro forma income statement for the year anded December 31, 2020. c. Compare and contrast the statements developed in parts and b. Which statement probably provides the better estimate of 2020 income? Explain why a. Use the percent of sales method to prepare a proforma income statement for the year ended December 31, 2020 Complete the proforma income statement for the yewended December 31, 2020 r ound s of a woman Data Table Click on the con located on the top rig comer of the dans table below in order to copy its contents into a spreadsheet.) Pro Forma Income Statement Metroline Manufacturing, Inc. for the Year Ended December 31, 2020 (percent of sales method) Sales Less: Cost of goods sold Gross profits Less: Operating expenses Operating profits Less: Interest expense Metroline Manufacturing Income Statement for the Year Ended December 31, 2019 Sales revenue \$1.400.000 Less: Cost of goods sold 910,000 Gross prots \$499,000 Less: Operating expenses 127,000 Operating profits \$372.000 Less Interest experie 31.000 Net profits before taxes \$341.000 Less Traces (rate 40%) Net profiter taxes \$204,600 Loss Cash dividends 61,000 Toined earnings \$143.600 Metroline Manufacturing Breakdown of Costs and Expenses Into Freed and Variable Components for the Year Ended December 31, 2019 Cost of goods sold Fixed cost \$210,000 Variable cost Total cost \$910,000 Operating expenses Foed expenses \$32,000 Variable expenses 95.000 Total expenses \$127.000 Enter any number in the editields and then click Check Answer 2 remaining MacBook 2.MOROU