ACCT 556 RANK Learn by Doing/acct556rank.com ACCT 556 RANK Learn by Doing/acct556rank.com | Page 8

7. Due to insurance rate increases, it is expected that prepaid expenses
will increase by $3,000
Investment information:
1. A purchase of additional equipment for $75,000 is expected on
January 1st.
2. The purchase will be made using $50,000 cash and long-term debt
will be increased by $25,000
Long-Term Debt information:
1. All long-term debt will have an 8% annual rate.
2. A payment of $50,000 including BOTH principle and interest will
be made on December 31st.
Required: Prepare a cost of goods manufactured schedule, a proforma
income statement and proforma balance sheet.
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ACCT 556 Week 7 Course Project (Fanciful Inc)

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ACCT 556 Week 7 Course Project
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ACCT 556 Week 7 Course Project Fantastic Inc

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ACCT 556 Week 7 Course Project Fantastic Inc