单选题 An analyst is forecasting a company's financial performance for the next year and prepares the following pro forma financial statements.

	Actual	Estimated
	{{U}}20X1{{/U}}	{{U}}20X2{{/U}}
Sales	1000000	1010000
Cost of goods sold	600000	606000
SG&A expenses	300000	303000
Interest expense	72000	72000
Earnigs before tax	20000	29000
Income tax	7000	7250
Net income	21000	21750
Dividends	8400	8700
Retained earnings	12600	13050
Pro Forma Balance Sheet
	Actual	Estimated
	{{U}}20X1{{/U}}	{{U}}20X2{{/U}}
Current assets	600000	606000
PP&E,net	1300000	1313000
Total assets	1900000	1919000

Current liabilities	200000	202000
Long-term debt	900000	900000
Common stock	300000	300000
Retained earnings	500000	513050
Total liabilities and equity	1900000	1915050

The analyst is most likely to reconcile these pro forma financial statements by assuming the company:

A. pays out the financial surplus as additional dividends.
B. uses the financial surplus to pay down long-term debt.
C. resolves the financial deficit by issuing long-term debt.

【正确答案】 C

【答案解析】On the pro forma balance sheet, total liabilities and equity are less than total assets, holding the amounts of debt and stock outstanding constant. This means projected retained earnings, although positive, are not enough to keep the accounting equation in balance. To resolve this financial deficit (reconcile the pro forma financial statements) , the analyst can assume the company issues new debt or stock or reduces its dividend payout ratio.