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    Cooley Textile S 2001 Financial Statements Are Shown Below Cooley Textile Income

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    Muhammad Shahid
    Cooley Textile's 2001 financial statements are presented, including an income statement showing $36,000 in sales, $3,560 in earnings before interest and taxes, and $1,800 in net income. The document also states that 2002 sales are projected to increase 15% over 2001 and asks to develop a pro forma balance sheet and income statement for 2002 to determine the additional funds needed assuming assets and costs increase proportionally with sales.

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    Download as PDF, TXT or read online from Scribd

    Cooley Textile S 2001 Financial Statements Are Shown Below Cooley Textile Income

    Uploaded by

    Muhammad Shahid
    77 views1 page
    Cooley Textile's 2001 financial statements are presented, including an income statement showing $36,000 in sales, $3,560 in earnings before interest and taxes, and $1,800 in net income. The document also states that 2002 sales are projected to increase 15% over 2001 and asks to develop a pro forma balance sheet and income statement for 2002 to determine the additional funds needed assuming assets and costs increase proportionally with sales.

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    Cooley Textile s 2001 Financial Statements Are Shown Below Cooley Textile Income

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    Cooley Textile's 2001 financial statements are presented, including an income statement showing $36,000 in sales, $3,560 in earnings before interest and taxes, and $1,800 in net income. The document also states that 2002 sales are projected to increase 15% over 2001 and asks to develop a pro forma balance sheet and income statement for 2002 to determine the additional funds needed assuming assets and costs increase proportionally with sales.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    77 views1 page

    Cooley Textile S 2001 Financial Statements Are Shown Below Cooley Textile Income

    Uploaded by

    Muhammad Shahid
    Cooley Textile's 2001 financial statements are presented, including an income statement showing $36,000 in sales, $3,560 in earnings before interest and taxes, and $1,800 in net income. The document also states that 2002 sales are projected to increase 15% over 2001 and asks to develop a pro forma balance sheet and income statement for 2002 to determine the additional funds needed assuming assets and costs increase proportionally with sales.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Cooley Textile s 2001 financial statements are shown

    below Cooley Textile Income #6135


    Cooley Textile's 2001 financial statements are shown below.Cooley Textile: Income Statement
    for December 31, 2001 (Thousands of Dollars)Sales.....................................................
    $36,000Operating costs.......................................... 32,440Earnings before interest and
    taxes................... $ 3,560Interest....................................................... 560Earnings before
    taxes.................................. $ 3,000Taxes (40%)............................................... 1,200Net
    income............................................. $ 1,800Dividends (45%)..........................................
    $810Addition to retained earnings........................... $990Suppose 2002 sales are projected to
    increase by 15 percent over 2001 sales. Determine the additional funds needed. Assume that
    the company was operating at full capacity in 2001, that it cannot sell off any of its fixed assets,
    and that any required financing will be borrowed as notes payable. Also, assume that assets,
    spontaneous liabilities, and operating costs are expected to increase in proportion to sales. Use
    the projected financial statement method to develop a pro forma balance sheet and income
    statement forDecember 31, 2002. Use the pro forma income statement to determine the
    addition to retained earnings.View Solution:
    Cooley Textile s 2001 financial statements are shown below Cooley Textile Income

    ANSWER
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    cooley-textile-income/

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