Stevens Textile\'s 2013 financial statements are shown below: Balance Sheet as o

Question

Stevens Textile's 2013 financial statements are shown below:

Balance Sheet as of December 31, 2013 (Thousands of Dollars)

Income Statement for December 31, 2013 (Thousands of Dollars)

Cash $ 1,080 Accounts payable $ 4,320 Receivables 6,480 Accruals 2,880 Inventories 9,000 Line of credit 0    Total current assets $16,560 Notes payable 2,100 Net fixed assets 12,600    Total current liabilities $ 9,300 Mortgage bonds 3,500 Common stock 3,500 Retained earnings 12,860    Total assets $29,160    Total liabilities and equity $29,160

Explanation / Answer

Pro Forma Income Statement

                                   December 31, 2013

                                 (Thousands of Dollars)

                                 Forecast              Pro Forma

                                        2006            Basis                     2007     

Sales                 $36,000         1.15

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