Pro Forma Income Statements for The Year Ending October 31, 1994 Pro Forma Balan

Question

Pro Forma Income Statements for The Year Ending October 31, 1994 Pro Forma Balance Sheets As At October 31, 1994 Alternative 1 000's (except revenue per visit 000's (except ratios) $46,618 22,713 23,904 Metropolitan Bank $25M loan interest rate 5.75% plus 2.5% restrict annual capital expenditures by $2M restrict annual dividends not more than 50% of annual earnings Assets: Current Assets 583 3,216 7,293 11,092 Operating Exepnses Accounts Receivable Inventory-Equipment for Sale Earmings from Resort Operations Total Current Assets 4,190 Property, Buidlings, Equipment, Net Phase 2 Expansion, Net 46,600 24,167 9,300 29,520 Total Shares 4.665M 17.797 Deferred Development Costs Total Assets New Shares Pension Fund stock offering 145,000 2M 4,133 500 Amortization of Goodwill Current Liabilities Accounts Payable Deferred Revenue Operating Loan Current Portion of Long-Term Debt 7,534 3,538 EBIT 13,164 4,188 8,976 3,000 17,215 Total Current Liabilities Long-Term Debt Total Liabilities Deferred Taxes Tax @ 40% 36,455 Earnings After Taxes 5,386 1,616 INCRV DECR) In Retained Earnings 3,770 Retained Earnings Paid-in Capital 20,104 18,600 38,704 Net Income Total equity Weighted Average of Common Shares Outstanding New Financing 25,000 Total Liabilities& Equity

Explanation / Answer

Revenue 46618 Less: Operating Expenses 22713 Earning from Resort Operations 23905 Less: Administration 4190 Marketing 1450 Miscellneous 466 EBITDA 17799 Less: Depreciation 4133 Amortization of Goodwill 500 EBIT 13166 Less: Interest 6251 (4188+ (25000*(5.75+2.5)%)) EBT 6916 (13166-6251) Less: Tax@40% 2766 (6916*40%) Earnings after tax 4149 (6916-2766) Less: Dividends 1616 Inc/(Dec) in Retained Earnings 2533 (4149-1616)

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