Consider the pro forma income statement given below, developed using these assumptions: Sales will increase by 25 percent. The dividend payouts will increase from 40 percent to 55 percent. Variable costs will be 5 percentage points less than the original percentage of sales.

Income Statement 2018 Est. 2019 Sales 1,000 1,250 Variable Costs 500 563 Fixed Costs 160 160 Net Income 340 527 Dividends 136 290 Now consider the company's 2018 Balance Sheet:

Balance Sheet 2018 Est. 2019 Cash 2,000 Accounts Receivable 800 Inventory 500 Plant and Equipment 3,000 Total Assets 6,300 Accounts Payable 300 Notes Payable 200 Long Term Debt 5,000 Total Liabilities 5,500 Common Stock 500 Retained Earnings 300 Total Equity 800 Balance Sheet assumptions for 2019: No additional Fixed Assets will be purchased. 2018 Notes Payable will be paid off at the end of that year. No additional Common Stock will be issued.

Calculate the 2019 Balance Sheet projections, completing the above table on the WORKSHEET (round to the nearest dollar for each item) (24 pts.) Calculate the Additional Funds Needed for 2019 based upon the Pro Forma Balance Sheet, entering your answer below (rounded to the nearest dollar) (6 pts.)