D. Pro Form Financial Reporting and Interpretation The income statement for the ZZZ Mattress Co. for the year ended December 31, 2021 follow. The ZZZ Mattress Co. has been requested by the 1st National Bank, a major creditor, to prepare a pro forma financial reporting for the year ending, December 31, 2022. Using the percent-of- sales method and t

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D. Pro Form Financial Reporting and Interpretation The income statement for the ZZZ Mattress Co. for the year ended December 31, 2021 follow. The ZZZ Mattress Co. has been requested by the 1st National Bank, a major creditor, to prepare a pro forma financial reporting for the year ending, December 31, 2022. Using the percent-of- sales method and the following financial data: .2022 sales are estimated at

$330,000

. Total depreciation expense for 2022 will be

$15,000

. . Corporate Tax Rate -

21%

Prepare a pro forma income statement to compute EBIT and Operating Cash Flow

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