I’m stuck on a Accounting question and need an explanation.
Create an Excel spreadsheet to organize your answers to the following problem, and submit your Excel file as an attachment by clicking on the appropriate button on this page.
[Hint: I recommend you copy this problem to a Word document or Excel document and print it out so that you can work with it in a reasonable manner.]
XYZ Corporation published the following information in its financial statements for its 2018 annual report:
|Income Statement Items:|
|– Cost of goods sold||49,000|
|– Cash Operating expenses||$9,000|
|Total Operating Expenses||11,000|
|– Interest expense||840|
|– Income tax expense||5,306|
|Balance Sheet Items:|
|Fixed Assets, net||24,000|
|Total Liabilities and Equity||$53,000|
Prepare the pro-forma 2019 income statement and balance sheet for XYZ Corporation.
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