For the following pro-forma balance sheet, net income is assumed to be 10 percent of sales and the dividend payout ratio is 5%.

The 2019 sales is $12 million and is expected to increase by $2 million in 2020. In this problem, all asset accounts (including fixed assets) and current liabilities vary directly with sales. The company is operating at full capacity.

For the following pro-forma balance sheet, net income is assumed to be 10 percent of sales and the dividend payout ratio is 5%. ABC Corporation Pro-forma Balance Sheet (in millions of $) Assets Present Sales (2019) Percent of Sales Method Projected Sales (2020) Cash 8 Accounts Receivable 4 6 Inventories 18 Current Assets Fixed Assets 12 Total Assets 30 10 8 Liabilities and Stockholder's Equity Accounts Payable Accrued Wages Current Liabilities Long Term Debts Total Liabilities 18 4 22 Common Stocks Retained Earnings Total Equity nin 00 Total Liabilities and Shareholder's Equity 30 The 2019 sales is $12 million and is expected to increase by $2 million in 2020. In this problem, all asset accounts (including fixed assets) and current liabilities vary directly with sales. The company is operating at full capacity. Note: For a-f, all answers must be in percent, decimal place in hundreths (e.g 12.349, 12.00%, 12.0596) For g-t, use two decimal places, round off answers to two (2) decimal places; do not use any currency symbol (e.g. 12.34, 56.00, 78.05)