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??? Bercelo Inc. ? 2020 ??????

Bercelo Inc 2020 Income Statement

Net sales


Less: Cost of Goods Sold


Less: Depreciation


Earnings before interest and taxes


Less: Interest paid


Taxable Income


Less: Taxes


Net Income


Bercelo Inc Balance Sheet 200



Accounts Receivable






Net Fixed Assets


Total Assets


Accounts Payable


Notes Payable




Long-term Debt


Common Stock


Retained Earnings


Total Liabilities and owners’ equity


a) Assume that Bercelo Inc. is operating at full
capacity. The dividend payout ratio is constant at 50% of income.
Tanya, the financial manager, is forecasting sales will increase by
15% for 2021. Prepare the Pro-forma Income Statement for 2021. (4

b) Prepare the Pro-forma Balance Sheet for 2021. (5

c) What is the external Financing Needed (EFN)?


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