10/2 Problem 2: Following are the details extracted from the financial statements of Ascon LLC for the year ended December 2020 Profit and loss statement in OMR Balance sheet in OMR 45,000 25,000 70,000 Sales Variable cost Fixed cost Depreciation EBIT Interest PBT Tax PAT Dividend Retained earnings 100,000 60,000 10,000 2,500 27,500 2,800 24,700 8,645 16,055 12,844 3,211 Assets Net working capital Fixed assets Total assets Liabilities & Equity Debt Equity Total liabilities 28,000 42,000 70,000 Additional information : Overall growth, g considering inflation and sales volume = 15.0% Variable cost ratio, is assumed to be the ratio of sales of 60.0% Annual increase in fixed cost is estimated at 12.0% Depreciation rate, dep ratio of fixed assets 10.0% Interest rate, 10.0% Tax rate, 35.0% Net working capital ratio is assumed to be the ratio of sales of 45.0% Fixed assets investment ratio is assumed to be the ratio of sales of 25.0% Payout ratio - ratio of PAT 80.0% Debt ratio - ratio of total assets 40.0% Consider above assumptions and model of the management, prepare forecasted income statement and ba nce sheet for the year December 2021