Ryan Company wishes to prepare a forecasted income statement and a forecasted balance sheet for 2003 Ryans balance sheet and income statement for 2002 are given below.

In addition, Ryan has assembled the following forecasted information regarding 2003.

(a) Sales are expected to increase to \($1,500\).

(b) Ryan expects to become more efficient at utilizing its property, plant, and equipment in 2003. Therefore, Ryan expects that the sales increase will not require any increase in property, plant, and equipment. Accordingly, the year 2003 property, plant, and equipment balance is expected to be \($800\).

(c) Ryan's bank has approved a new long-term loan of \($200\). This loan will be in addition to the existing loan payable.

Instructions:
Prepare a forecasted balance sheet and a forecasted income statement for 2003. Clearly state what assumptions you make.

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Balance Sheet Cash Other current assets Property, plant, and equipment, net. Total assets Accounts payable Bank loans payable Total stockholders' equity Total liabilities and stockholders' equity 2002 $ 10 250 800 $1,060 $ 100 700 260 $1,060