Develop the Year 1 financial forecast (income statement, balance sheet and statement of cash flows) for Bennis Co. Revenue is projected at $800,000, with a gross margin of 40%. Operating expenses (including depreciation of $30,000) total 20% of revenue and taxes are estimated at 35% of pre-tax income. Bennis wants to maintain a cash balance of 3% of their cost of goods sold. Accounts receivable are 10% of sales and inventory is forecast to be 50 days (using CGS as a base, and using a 365 day year). Fixed assets of $500,000 will be needed during the next year. Accounts payable days are forecast to be 30. a The total projected assets for Bennis Co at the end of year 1 is Assuming Bennis will be all-equity financed, the required initial investment by the entrepreneur to ensure that no additional financing will be required during the next year is Please round your answer to the nearest dollar and omit commas and dollar signs (for example 124507.60 should be input as 124507). Develop the Year 1 financial forecast (income statement, balance sheet and statement of cash flows) for Bennis Co. Revenue is projected at $800,000, with a gross margin of 40%. Operating expenses (including depreciation of $30,000) total 20% of revenue and taxes are estimated at 35% of pre-tax income. Bennis wants to maintain a cash balance of 3% of their cost of goods sold. Accounts receivable are 10% of sales and inventory is forecast to be 50 days (using CGS as a base, and using a 365 day year). Fixed assets of $500,000 will be needed during the next year. Accounts payable days are forecast to be 30. a The total projected assets for Bennis Co at the end of year 1 is Assuming Bennis will be all-equity financed, the required initial investment by the entrepreneur to ensure that no additional financing will be required during the next year is Please round your answer to the nearest dollar and omit commas and dollar signs (for example 124507.60 should be input as 124507)