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2022 Projection Assumptions 2023 P Sales $8,122 5% Increase Cost of Goods Sold (ex. Dep) 4,999 61.75% of Sales Depreciation (Dep) 304 Increase by $28 S, G, &A 1,616 Same % of Sales EBIT 1,203 Net, Interest Expense 87 As noted 50 Pre-Tax Income 1,116 Taxes 337 32.1 1% Tax Rate Net Income $ 779 Cash $ 613 Accounts Receivable 615 Same Turnover based on Sales Inventory 930 70 Days OS-COGS (ex. Dep) Current Assets 2,158 Net Plant, Property, and Equip 2,653 Other Assets 3,865 Increase by $15 Total Assets $8,676 Accounts Payable $ 570 12% of COGS (ex. Dep) Accrued Liabilities 617 Increase by $35 Short-Term Debt 1,543 Decrease by $55 Other Current Liabilities 131 Increase by $10 Current Liabilities 2,861 Long-Term Debt 3,209 Stockholders' Equity 2,606 Total Liabilities and Equity $8,676 Sources (Uses) Net Income $ 779 Depreciation 304 Change in Accounts Receivable 4 Change in Inventory 7 Change in Other Assets (38) Change in Accounts Payable 12 Change in Accrued Liabilities 13 Change in Other Current Liab 14 Cash Flow from Operations 1,095 Capital Expenditures (382) Estimate (175 Change in Short-Term Debt Change in Long-Term Debt (301) Estimate 100 Dividends (467) 60.3% Dividend Payout Cash From (Used for) Fin 768) Change in Cash $ (55)