,5 P12-32. Forecast the Income Statement, Balance Sheet, and Statement of Cash Flows Following are fiscal year financial statements of Costco. ST) COSTO WHOLESALE CORP Consolidated Statements of Income For Year Ended (5 millions) Sep. 1, 2019 Sep. 2, 2018 Net sales. $149,351 $138.034 Membership fees 3.352 3,142 Total revenue 152.703 141,576 Merchandise costs 132.886 123,152 Selling, general and administrative 14.994 13,876 Preopening expenses 86 68 Operating income 4.737 4.480 Interest expense. (150) (150) Interest income and other net 178 121 Income before income taxes 4.755 4,442 Provision for income taxes 1.051 1,263 Net income including noncontrolling interests 3,704 3,179 Net income attributable to noncontrolling interests. (45 Net income attributable to Costco $ 3,659 $ 3,134 145 Sep. 1, 2019 Sep. 2, 2018 $ 8,384 1,060 1,535 11.395 COSTO WHOLESALE CORP Consolidated Balance Sheets In millions, except par value Current Assets Cash and cash equivalents. Short-term investments Receivables, net Merchandise inventories. Other current assets Total current assets. Property and Equipment Land Buildings and improvements Equipment and fixtures Construction in progress Gross property and equipment Less accumulated depreciation and amortization Net property and equipment Other assets. Total assets $ 6,055 1,204 1,609 11.040 321 20.289 23,485 6,417 17,136 7.801 1.272 32.626 (11.736) 20,890 1,025 $45.400 6,199 16,107 7,274 1.140 30.714 (11,033) 19,681 860 $40,830 cord Sep. 1, 2019 Sep. 2, 2018 continued from previous page COSTO WHOLESALE CORP Consolidated Balance Sheets In millions, except par value Current Liabilities Accounts payable Accrued salaries and benefits. Accrued member rewards.. Deferred membership fees. Current portion of long-term debt Other current liabilities Total current liabilities Long-term debt, excluding current portion Other liabilities .. Total liabilities... Equity Preferred stock $.01 par value; 100,000,000 shares authorized; no shares issued and outstanding Common stock $0.01 par value; 900,000,000 shares authorized: 439,625,000 and 438,189,000 shares issued and outstanding Additional paid-in capital... Accumulated other comprehensive loss. Retained earnings Total Costco stockholders' equity. Noncontrolling interests Total equity...... Total liabilities and equity $11,679 3,176 1,180 1,711 1,699 3,792 23,237 5,124 1,455 29,816 $11,237 2,994 1,057 1,624 90 2,924 19.926 6,487 1,314 27,727 4 6,417 (1.436) 10,258 15,243 341 15,584 $45,400 4 6,107 (1,199) 7,887 12,799 304 13,103 $40,830 Required Forecast Costco's income statement, balance sheet, and statement of cash flows for the year ended September 1, 2020. Combine all property and equipment accounts into Net property and equipment What do the forecasts imply about Costco's financing needs in 2020