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Pro Forma Financial Statement

This pro forma income statement summarizes the projected financial performance of Millie's Car Rentals from 2017 to 2021. It projects revenues to grow from $19,130 in 2017 to $119,218 in 2021 as gross sales increase each year. Operating expenses are also projected to rise over the period, from $1,834 in 2017 to $2,249 in 2021. This leads to projected increases in net income before taxes, from $17,096 in 2017 to $116,809 in 2021, and net income after taxes, from $13,677 in 2017 to $93,447 in 2021.

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291 views3 pages

Pro Forma Financial Statement

This pro forma income statement summarizes the projected financial performance of Millie's Car Rentals from 2017 to 2021. It projects revenues to grow from $19,130 in 2017 to $119,218 in 2021 as gross sales increase each year. Operating expenses are also projected to rise over the period, from $1,834 in 2017 to $2,249 in 2021. This leads to projected increases in net income before taxes, from $17,096 in 2017 to $116,809 in 2021, and net income after taxes, from $13,677 in 2017 to $93,447 in 2021.

Uploaded by

aakanksha arora
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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PRO FORMA INCOME STATEMENT SAMPLE

Millie's Car Rentals


1234 MLK Jr. Blvd DATE PREPARE 01/01/2019

Seattle, WA 98116 START YEAR 2017

Phone: (206) 555-1212 END YEAR 2021

REVENUE 2017 2018 2019 2020 2021


Gross Sales $ 19,130.00 $ 30,225.40 $ 47,756.13 $ 75,454.69 $ 119,218.41

Less Sales Returns and Allowances $ - $ - $ - $ - $ -

NET SALES $ 19,130.00 $ 30,225.40 $ 47,756.13 $ 75,454.69 $ 119,218.41

COST OF SALES 2017 2018 2019 2020 2021


Beginning inventory $ 300.00 $ 310.00 $ 320.00 $ 330.00 $ 340.00

Plus Goods Purchased or Manufactured $ 100.00 $ 120.00 $ 140.00 $ 160.00 $ 170.00

TOTAL GOODS AVAILABLE $ 400.00 $ 430.00 $ 460.00 $ 490.00 $ 510.00

Less ending inventory $ 200.00 $ 250.00 $ 300.00 $ 350.00 $ 350.00

TOTAL COST OF GOODS SOLD (COGS) $ 200.00 $ 180.00 $ 160.00 $ 140.00 $ 160.00

GROSS PROFIT (LOSS) $ 18,930.00 $ 30,045.40 $ 47,596.13 $ 75,314.69 $ 119,058.41

OPERATING EXPENSES 2017 2018 2019 2020 2021


SELLING

Salaries and Wages $ 700.00 $ 735.00 $ 771.75 $ 810.34 $ 850.85

Commissions $ 10.00 $ 10.50 $ 11.03 $ 11.58 $ 12.16

Advertising $ 500.00 $ 525.00 $ 551.25 $ 578.81 $ 607.75

Depreciation $ 20.00 $ 24.00 $ 28.80 $ 34.56 $ 41.47

Other (i.e. Professional Fees) $ - $ - $ - $ - $ -

TOTAL SELLING EXPENSES $ 1,230.00 $ 1,294.50 $ 1,362.83 $ 1,435.29 $ 1,512.23

GENERAL AND ADMINISTRATION 2017 2018 2019 2020 2021


Salaries and Wages $ 200.00 $ 210.00 $ 220.50 $ 231.53 $ 243.10

Employee Benefits $ 3.00 $ 3.15 $ 3.31 $ 3.47 $ 3.65

Payroll Taxes $ 1.00 $ 2.00 $ 3.00 $ 4.00 $ 4.00

Insurance $ 400.00 $ 420.00 $ 441.00 $ 463.05 $ 486.20

TOTAL GENERAL AND ADMINISTRATION EXP$ 604.00 $ 635.15 $ 667.81 $ 702.05 $ 736.95

TOTAL OPERATING EXPENSES $ 1,834.00 $ 1,929.65 $ 2,030.63 $ 2,137.33 $ 2,249.18


NET INCOME BEFORE TAXES $ 17,096.00 $ 28,115.75 $ 45,565.50 $ 73,177.35 $ 116,809.22

Taxes on income $ 3,419.20 $ 5,623.15 $ 9,113.10 $ 14,635.47 $ 23,361.84

NET INCOME AFTER TAXES $ 13,676.80 $ 22,492.60 $ 36,452.40 $ 58,541.88 $ 93,447.38

Extraordinary Gain or Loss $ 19.00 $ - $ 10.00 $ - $ -

Income Tax on Extraordinary Gain $ 3.00 $ - $ 2.00 $ - $ -

NET INCOME (LOSS) $ 13,692.80 $ 22,492.60 $ 36,460.40 $ 58,541.88 $ 93,447.38


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