Answer all in yellow

The Sharks gave you the $1,000,000 in funding you requested in exchange for 25% ownership of your company's profits. SELLING \& ADMINISTRATIVE EXPENSE: Use a 3-year average Percent-of-Sales to forecast S\&A expenses. (HINT: Find what percent S\&A expense is for each of 2020, 2021, and 2022, and average the 3 results together. Use the resulting average S\&A Percent-of-Sales to forecost S\&A into the future.) DEPRECIATION EXPENSE: Depreciation expense is a fixed cost in the amount of 10% of Plant \& Equipment each year. TAXES: Because you live in a business-friendly State (Wyoming), you do n't have to pay state taxes on your LLC's income. You do, however, still have to pay Federal taxes. Also, in 2022, higher tax rates were passed for the 2023 tax year, pushing income over $400,000 into the 39.6% tax bracket. Because of this, use 36% as your effective tax rate. (NOTE: If the taxes shown for 2020-2022 seem high, it's because you had income from another job that threw your LLC income into a slightly higher tox bracket. However, you'll quit that job IF the sharks fund you!) CASH: Increases to $50,000 in 2023 and stays at that level. ACCOUNTS RECEIVABLE: Use a 3-year average Receivables Turnover ratio to forecast. (HINT: Find the formula for Receivables Turnover (RTO) in your Week 2 Chapter readings, and solve for RTO for each of 2020, 2021, and 2022. Average the 3 results together. Plug your Average RTO into the RTO formula for each future year, along with your other known number from your financial statements, to find your forecasted Accounts Receivable amounts. This is demonstrated in your Week 2 Lesson!) PLANT \& EQUIPMENT: There is a new capital expenditure of $750,000 do llars in 2023, paid for from the $1M in funding from the sharks, rather than with new debt. (All copital expenditures ore assumed to occur on January 1st of the year of purchase, and no equipment is sold or salvaged during the forecasted period.) ACCOUNTS PAYABLE: Use the 3-year average Current Ratio to forecast. (HINT: The Current Rotio will help you forecast TOTAL Current Liabilities, not Accounts Payable. Find Total Current Liabilities and Accrued Expenses first, and then you can solve for Accounts Payable.) LONG-TERM LIABILITIES: Pay down $100,000 of old debt every year starting in 2023. CAPITAL PAID IN EXCESS OF PAR: The shark's full investment of $1M must be reflected on the Balance Sheet. The stock received by the shark, worth $26,000 (at Par value of $1 per share), is already reflected under Common Stock. The rest of the shark's investment value is added to this account. DIVIDENDS: You do not pay dividends now and do not plan to while in a growth stage. \begin{tabular}{|l|l|l|l|l|l|l|} \hline MILESTONE 2 FORECASTED FINANCIALS & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|l|l|l|} \hline & & & & & & & & & \\ \hline \end{tabular}