b)Use the forecasted financial statement method to forecast Korboes balance sheet for December 31, 2018. Assume that all additional external capital is raised as a bank loan at the end of the year and is reflected in notes payable (because the debt is added at the end of the year, there will be no additional interest expense due to the new debt). Assume Korboes profit margin and dividend payout ratio will be the same in 2018 as they were in 2017. What is the amount of notes payable reported on the 2018 forecasted balance sheets?

Korboe Computers makes bulk purchases of apple devices, stocks them in conveniently located warehouses, ships them to its chain of retail stores, and has a staff to advise customers and help them set up their new devices. Korboe's balance sheet as of December 31, 2017, is shown here (millions of cedis) Assets GHS(millions) Liabilities & Equity GHS(millions) Cash 3.5 Accounts payable 9.0 Receivables 26.0 Notes Payable 18.0 Inventories 58.0 Accruals 8.5 Total current assets 87.5 35.5 Net Fixed Assets 35.0 Mortgage loan 6.0 Common stock 15.0 Retained earnings 66 Total Assets 122.6 Total liabilities and equity 122.6 Sales for 2017 were GHS350 million and net income for the year was GHS10.5 million, so the firm's profit margin was 3.0%. Korboe paid dividends of GHS4.2 million to common stockholders, so its payout ratio was 40%. Its tax rate is 40%, and it operated at full capacity. Assume that all assets/sales ratios, spontaneous liabilities/sales ratios, the profit margin, and the payout ratio remain constant in 2018. a. If sales are projected to increase by 20%, during 2018, use the EFN equation to determine Korboe's projected external capital requirements. Total current liabilities