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Forecast indicated income statement and balance sheet accounts. There are also contro accounts for you to complete and use to forecast some of the balance
Forecast indicated income statement and balance sheet accounts. There are also contro accounts for you to complete and use to forecast some of the balance sheet items. Each item is worth 2 points unless otherwise stated, for a total of 26 points. Always use formulas with cell references when possible. All answers should go in the relevant blue-shaded cells. Expenses should be displayed as positive or negative consistent with how the historical results were reported. In the EMR Financials worksheet: Forecast "Cost of sales" using the constant percent of sales assumption in column F. Forecast "Selling, general and administrative expenses" using the percent of sales assumption in column F. Forecast "Other deductions, net" using the constant growth rate assumption in column F. Calculate "Total assets." Forecast "Accrued expenses" using the percent of sales assumption in column F. Calculate "Total current liabilities." Complete the "Long-term debt" Control Account. (1 point) Forecast "Long-term debt" in the balanc
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