Forecasted Income Statement
The following balance sheet information represents actual data for 2008 and forecasted data for 2009:
|
|
Actual 2008 |
Forecasted 2009 |
|
Current assets |
$2,000 |
$2,600 |
|
Property, plant, and equipment (net) |
5,000 |
6,000 |
|
Accounts payable |
500 |
650 |
|
Long term debt |
4,000 |
5,000 |
|
Total stockholders’ equity |
2,500 |
2,950 |
The actual income statement for 2008 is as follows:
|
Sales |
$10,000 |
|
Cost of goods sold |
6,000 |
|
Depreciation expense |
1,000 |
|
Interest expense |
400 |
|
Income before income taxes |
$ 2,600 |
|
Income tax expense |
910 |
|
Net income |
$ 1,690 |
Sales are expected to increase by 30% in 2009. Prepare a forecasted income statement for 2009.