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Which of the following statements is true? If the projected total assets are greater than the projected liabilities and equity, then it can be concluded the firm has excess funds. If after the first pass projecting the items in the balance sheet, the total assets do no equal total liabilities \& equity, then a mistake has been made. When conducting the percent of sales method, if the firm needs funds, short term borrowing is generally utilized. It is possible for the projected assets to decline from previous year's level even if the firm's sales are growing