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Question: Using the following ratio, income statement, and balance sheet info below prepare a projected income statement, balance sheet, and statement of cash flows for year 3.
Based on initial projections how much long term debt or equity is needed to fund the firms growth at projected increases in sales?
Income statement
year 1
year 2
net sales
6,044
19,889
cost of goods sold
14,048
6204
gross profit
7,893
13685
selling, general and admin expense
803
9221
depreciation and amortization expense
-308
773
interest expense
5,660
292
income before tax
1,691
3399
income tax expense
3,969
1222
net income
3,491
2177
outstanding shares
3481
Balance Sheet
cash
1934
1892
receivables
1882
1757
inventories
1055
1066
other current assets
2300
1905
total current assets
7171
6620
property, plants, and equipment
7105
6614
accumulated depreciation
2652
2446
net property, plant, and equipment
4453
4168
other noncurrent assets
10793
10046
total assets
22417
20834
accounts payable and accts liabilities
3679
3905
short term debt
3899
4816
income tax liabilities
851
600
total current liabilities
8429
9321
deferred income taxes
1403
1362
long term debt
1219
835
total noncurrent liabilities
2622
2197
common stock
873
870
capital surplus
3520
3196
retained earnings
20655
18543
treasury stock
13682
13293
shareholder's equity
11366
9316
total liabilities and equity
ratios
sales growth
1.02
gross profit margin
69.92
selling, general, and admin expenses
39.28
depreciation/prior year PPE gross
12.14
interest expense/prior year long term debt
5.45
income tax expense/pretax income
29.88
accts receive turnover
10.68
invent turnover
5.73
accts payable turnover
1.64
taxes payable/tax expense
50.33
total assets/stockholders equity
2.06
dividends per share
1.37
capital expenditures/sales
5.91
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