4. Lakeside Jet Ski has the following financial statements as of December 31, 2004 Claims Income Sales Assets 60,000 Cash 45,000 Acts Receivable 6,000 Acts Payable 12,000 Accruals 24,000 42,000 Current Liabilities 90,000 L-T Debt 9,000 6,000 ting Costs EBIT Interest EBT Taxes (40%) NI Dividends (20%) 15,000 Inventories 5,000 Current Assets 10,000 Net Fixed Asscts 4,000 6,000 1,200 Total Assets 15,000 50,000 50,000 17,000 132,000 Common Stock Retained Earnings 132,000 Total Claims The company is experiencing a high rate of growth due to the introduction of some new products. The company expects sales to grow 25% in 2005, Determine additional funds needed using the percent of sales method to develop pro forma financial statements for 2005. Use an interest rate of 10% on the balance of debt at the beginning of the year. Assume assets. spontaneous liabilities, and operating costs increase by the same percentage as sales Pro Forma Statements