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10. Objective: Identify the steps followed to build a manual projection. Which of the following best describes the order in which a manual projection is

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10. Objective: Identify the steps followed to build a manual projection. Which of the following best describes the order in which a manual projection is constructed? A. The amount of existing and new debt is determined to project interest and principalpayments. B. Capital expenditures and working capital needs are forecast to estimate total borrowingneeds. C. The income statement is constructed before calculating the swing factors and otherelements on the balance sheet. D. Net income and dividends are projected to determine retained earnings and total networth on the balance sheet

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