Table 3.5 presents a computer spreadsheet for estimating R&E Supplies’ external financing required for 2022. The text mentions that with modifications to the equations for equity and net sales, the forecast can easily be extended through 2023. By referencing the appropriate cells, write the modified equations for equity and net sales for 2023.

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TABLE 3.5 Forecasting with a Spreadsheet: Pro Forma Financial Forecast for R&E Supplies, Inc., December 31, 2022 ($ thousands) A 2 3 4 5 6 7 Year Net sales Growth rate in net sales Cost of goods sold/net sales Gen., sell., and admin. expenses/net sales Long-term debt 20 21 22 23 24 8 9 10 11 Dividend/earnings after tax Current assets/net sales 12 13 Net fixed assets 14 15 Owners' equity Current portion long-term debt Interest rate Tax rate Current liabilities/net sales 16 INCOME STATEMENT 17 18 19 Year Net sales Cost of goods sold Gross profit Gen., sell., and admin. exp. Interest expense Earnings before tax B 2021 Actual $20,613 $ 760 $ 100 $ 1,730 Equations 2022 = B3+ B3 * C4 = C5*C19 = C19 - C20 = = C6*C19 = C9*(C7 + C8+ C40) = C21 - C22 - C23 C 2022 25.0% 86.0% 12.0% $660 $100 10.0% 25.0% 50.0% 29.0% $280 14.5% Forecast 2022 $25,766 22,159 3,607 3,092 228 287 D 2023 Forecast 2023