The personal statement of financial position and the balance sheet show the position of the
individual or firm
A) for the accounting period, as determined by the Internal Revenue Service.
B) for the accounting period, as determined by the business firm.
C) for a period of time, which is normally one year.
D) as of a specific date.
E) with a beginning and ending date.
D
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Using the 2012 financial statements for DRE Corporation and this additional information, prepare a pro forma
income statement and balance sheet for the year 2013. Determine the discretionary financing needed (DFN) and assume that if the DFN is positive, the company will increase long-term debt, and if DFN is negative, the company will pay back some long-term debt. Sales for next year (2013 ) are expected to increase by $300,000 to $1,800,000. The firm is running efficiently and at full capacity so that all assets and spontaneous liabilities are expected to increase proportionally with sales. The dividend payout ratio for 2013 will be 40%. DRE Corporation 2012 Financial Statements Income Statement ($) Sales 1,500,000 Net Income 250,000 Balance Sheet ($) Cash 400,000 Accounts Receivable 450,000 Inventory 350,000 Property, Plant, & Equipment 650,000 Total Assets 1,850,000 Accounts Payable 200,000 Short Term Notes Payable 250,000 Long-term Debt 550,000 Common Stock 200,000 Retained Earnings 650,000 Total Liabilities and Equity 1,850,000
Factors to consider when choosing a NIC include ________
A) initials and standards B) emergency protocol C) bus width and memory capabilities D) sirens and sound capabilities