Enter correct formula and calculate EFR for 2020 and 2021

A B C D E F G H APEX CARBON FIBERS ANSWER BOXES AT ROW 70 2 Historical and Projected Financial Statements 3 Years Ended December 31. Assume today is December 31, 2019 4 (000) 2016 2017 2018 2019 2020 2021 (Actual) (Actual) (Actual) (Actual) (Projected) (Projected) Sales 71,924 80, 115 92,613 106,042 110,284 114,695 8 Operating expenses: 9 Production costs and expenses 33,703 38,393 46,492 53,445 55, 142 57,348 10 Admin. and selling expenses 16,733 17,787 21,301 24,633 25,365 26,380 11 Depreciation 8,076 9,028 10,392 11,360 15,260 19,160 12 Total operating expenses 58,512 65,208 78,185 89,438 95,767 102,887 13 Operating profit 13,412 14,907 14,428 16,604 14,517 11,808 14 Interest expense 3.487 3.929 6,227 7,614 8,227 8.967 15 Earnings before taxes 9.925 10,978 8,201 8,990 6,289 2.841 16 Income taxes 2.430 2.430 2.430 2,430 2.430 2.430 17 Net earnings 7,495 8,273 6,276 6,770 1,748 2,145 18 Dividends to all common shares 2,000 2,000 2,000 2,000 2,000 2,000 19 Retentions of earnings 5,495 6,273 4,276 4,770 2,748 145 20 21 2016 2017 2018 2019 2020 2021 22 (Actual) (Actual) (Actual) (Actual) (Projected) (Projected) 23 Assets: 24 Cash 4,816 5,670 5,090 5,795 25 Accounts receivable 22,148 25,364 28,078 35,486 26 Inventories 23,301 27,662 53,828 63,778 27 Total current assets 50,265 58,696 86,996 105,059 0 28 Gross property plant & equipt. 64,611 80,153 97,899 1 15,153 115,153 115,153 29 Accumulated depreciation -4,559 -13,587 -23,979 -35,339 -35,339 -35,339 30 Net property plant & equipt. 60,052 66,566 73,920 79,814 79,814 79,814 31 Total assets 110,317 125,262 160,916 184,873 79,814 79,814 32 33 Liabilities and stockholders' equity: 34 Short-term borrowings (bank) 29,002 35,462 69,005 82,275 91,226 102,023 35 Accounts payable 12,315 12,806 11,890 13,370 36 Other accrued liabilities 24,608 26,330 25,081 21,318 37 Total current liabilities 65,925 74,598 105,976 116,963 91,226 102,023 38 Long-term debt 10,000 10,000 10,000 18,200 18,200 18,200 39 Shareholders' equity 34,391 40,664 44,940 49,710 52,458 52,603 prev SE+RE 40 Total liabilities & stockholders' equity 110,316 125,262 160,916 184,873 161,884 172,825 41 B31 vs. B40 EFR calculate EFR