1. Lasso Corp. wants to forecast for 2021. The end of year statements for 2020 are as follows:

Income Statement

Revenues $245,622

COGS - 142,461

Gross Profits 103,161

Expenses - 49,124

EBIT 54,037

- Interest - 9,642

EBT 44,395

-Taxes -9323

EAT 35,072

Balance Sheet

Current Assets $179,304 Current liabilities $85,700

Fixed Assets $140,930 Long-term debt 78,180

Total Assets $320,234 Total liabilities $163,880

Equity $156,354

Total Liabilities

& Equity $320,234

Management expects the following for 2021:

An 8% increase in revenues; COGS will increase by 2% from its current percent of sales. Expenses will stay at the same percent of sales; Current assets will also stay at their same percent of sales. Fixed assets will increase by $28,000 ; All interest will be paid at a 8% interest rate and will only be on long-term debt, which is not expected to change; the tax rate is expected to stay at the same tax rate. No dividends are paid and any shortfalls should be made up in current liabilities.

Prepare a forecasted income statement and balance sheet for 2021, in good accounting order and properly labeled. Round to the nearest dollar.

Please write it with keyboard words.