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forecasted income statement the following balance sheet information represents actua 691834

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.

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