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42) Income Statement Huddleston Manufacturing Company               For the Year Ended December

Question : 42) Income Statement Huddleston Manufacturing Company               For the Year Ended December : 1415021

 

42) Income Statement

Huddleston Manufacturing Company

              For the Year Ended December 31, 2015

Huddleston Manufacturing estimates its sales in 2016 will be $3 million. Interest expense is expected to remain unchanged at $70,000, and the firm plans to pay cash dividends of $140,000 during 2016. Use the percent-of-sales method to prepare a pro forma income statement for the year ended December 31, 2016, based on the 2015 income statement shown above.

43) Calculate the amount of accounts receivable assuming that a pro forma balance sheet dated at the end of May was prepared from the information presented. (See Table 4.3)

 

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