Table 4.5 a Financial Manager at General Talc Mines Has Gathered the Gathered

question 96

Multiple Choice

Table 4.5
A financial manager at General Talc Mines has gathered the financial data essential to prepare a pro forma balance sheet for cash and profit planning purposes for the coming year ended December 31, 2015. Using the percent-of-sales method and the following financial data, prepare the pro forma balance sheet in order to answer the following multiple choice questions.
(a) The firm estimates sales of $1,000,000.
(b) The firm maintains a cash balance of $25,000.
(c) Accounts receivable represents 15 percent of sales.
(d) Inventory represents 35 percent of sales.
(e) A new piece of mining equipment costing $150,000 will be purchased in 2010.
Total depreciation for 2010 will be $75,000.
(f) Accounts payable represents 10 percent of sales.
(g) There will be no change in notes payable, accruals, and common stock.
(h) The firm plans to retire a long term note of $100,000.
(i) Dividends of $45,000 will be paid in 2015.
(j) The firm predicts a 4 percent net profit margin.
Balance Sheet
General Talc Mines
December 31, 2014
-The pro forma total current assets amount is ________. (See Table 4.5)

• A) $470,900
• B) $500,000
• C) $525,000
• D) $575,000

Understand the concept of generativity and its importance in middle adulthood.

Describe the various ways generativity can be expressed and fostered.

Identify and explain the different seasons of life and life transitions as described by Levinson.

Recognize the potential effects of failing to develop a sense of generativity.

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Definitions:

Pancreas

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A condition characterized by memory loss that can be caused by brain injury, disease, or psychological trauma.

Analgesia

The inability to feel pain, often achieved through the use of medications.