Using the Balance Sheet for Wanderlust Travel Excursions and Memories business s ...

Using the Balance Sheet for Wanderlust Travel Excursions and Memories business shown below, do the following. 1. How would you complete this Pro Forma Balance Sheet for the following year using the percentage of sales method? 2. If next year's sales forecast increases to $445,000, profit margin is 15%, and the owner payout ratio is 85%, what is required in new financing? Wanderlust Travel Excursion and Memories Pro Forma Balance Sheet Total Sales Current Year $295,000 Percentage of Sales (%) Forecasted Sales Next Year $375,000 Assets Current Assets Cash $5,694 Accounts Receivable $19,662 Inventory $3,381 Total Current Assets $28,737 Fixed Assets Furniture and Fixtures $5,595 Transportation Equipment $25,456 Total Fixed Assets $31,051 Total Assets $59,788 Liabilities and Owners' Equity Current Liabilities Notes Payable $15,456 Accrued Taxes Payable $3,598 Total Current Liabilities $19,054 Long Term Debt $18,654 Total Liabilities $37,708 Owner's Equity $22,080 Total Liabilities and Owner's Equity $ 59,788