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HW5-2 NVIDIA Corp. financial statements are presented below. Analysts forecast that its 2018 sales will be $8,260. The expected 2018 tax rate will be 17.35%. Assume the firm pays 5% interest on short-term debt and 7% on long term debt. NVIDIA Corporation Income Statement ($ in Millions) For the Years 2012 NVIDIA to 2017 Corporation Jan-17 Jan-16Balance Jan-15 Jan-13 Jan-12 Sheet ($Jan-14 in Millions) Sales 6,910 5,010For the 4,682 4,130 3,998 Years 2012 to 2017 4,280 Cost of Goods Sold 2,648 2,002 1,862 Jan-17 1,623 Jan-16 1,828 Jan-151,743Jan-14 Gross Income 4,262 3,008 2,820 2,507 2,453 2,255 Assets Research & Development 1,463 1,331 1,360 1,336 1,147 Cash 1,766 596 497 984 1,151 Other SG&A 641 532 443 436 431 Short-Term Investments 5,032 4,441 4,127 398 3,521 Depreciation Expense 187 197 220826 239 505 226 474 204 426 Accounts Receivable Other Operating Expense 2 0 0794 0 418 0 483 0 388 Inventories EBIT (Operating Income) 1,969 948 796118 496 93 648 133 669 139 Other Current Assets Nonoperating Income - Net 50 43 42 246,053 17 5,713 7 5,625 Total Current Assets 8,536 Interest Expense 58 47 46 10 3 3 1,283 Gross Plant & Equipment 1,191 1,100 1,179 Unusual ExpenseDepreciation - Net 56 201 37670 0 634 0 622 9 700 Accumulated Pretax Income 1,905 743 755 510 662 663 Net Plant & Equipment 521 466 557 583 Income 239 129 124784 70 851 100 931 82 1,043 OtherTaxes Assets NetTotal Income 1,666 614 631 4407,370 563 7,201 581 7,251 Assets 9,841 Liabilities & Shareholders' Equity Dividends per Share 0.49 0.40 0.34 0.31 0.08 0.00 ST Debt & Current Portion LT649.00 Debt 800.0 594.52 1,413.0 624.96 0.0 2.9 Shares Outstanding 569.00 563.07 616.37 Accounts Payable 485.0 296.0 293.2 324.4 Tax Rate 12.55% 17.36% 16.46% 13.77% 15.03% 12.41% Other Current Liabilities 503.0 642.0 602.8 621.1 Total Current Liabilities 1,788.0 2,351.0 896.0 948.4 Long-Term Debt 2,020 97 1,398 1,371 Other Liabilities 271 453 489 475 Total Liabilities 4,079 2,901 2,783 2,794 Common Equity 5,762 4,469 4,418 4,456 Total Liabilities & Shareholders' Equity 9,841 7,370 7,201 7,251 Jan-13 Jan-12 431 3,297 454 420 173 4,775 1,289 713 576 1,061 6,412 253 2,876 336 340 99 3,905 1,157 596 560 1,087 5,553 0.0 356.4 619.8 976.2 19 589 1,585 4,828 6,412 0.0 335.1 594.9 930.0 21 456 1,407 4,146 5,553 a) Use your judgement to forecast the items on the income statement and balance sheet with the percent of sales method. What is the discretionary financing needed in 2018? Is this a surplus or deficit? Assume that the dividends per share will be $0.54 and the number of shares will be the same as in 2017. b) Assume that DFN will be absorbed by long-term debt and that the interest rate is 2.5% of the sum of LTD and short-term debt. Set up an iterative worksheet to eliminate it. c) Interpretation: please describe where you obtained information to develop analyses and interpret the results. Please include your written description in the \"interpretation\" tab. If you do not complete this section with your words or leave the interpretation tab as a blank, you receive 0 point in this HW. 1 Fashion Trends, Inc. Balance Sheet For the Period Ended Dec. 31, 2017 2018* 2017 Sales 7,100,000 6,148,000 Cost of Goods Sold 4,777,526 4,176,000 Gross Profit 2,322,474 1,972,000 Selling and G&A Expenses 747,492 588,000 Fixed Expenses 70,000 70,000 Depreciation Expense 478,000 EBIT 1,504,982 836,000 Interest Expense 186,000 Earnings Before Taxes 1,504,982 650,000 Taxes 601,993 195,000 Net Income 902,989 455,000 * Forecast Notes Tax Rate Additional Depreciation Sorth-term Interest Rate Long-term Interest Rate Scenario Multiplier for part c DFN for Scenarios in part c 40% 4% 7% 2016 5,134,000 3,422,000 1,712,000 590,000 70,000 446,000 606,000 182,000 424,000 127,200 296,800 Assets Cash and Equivalents Accounts Receivable Inventory Total Current Assets Plant & Equipment Accumulated Depreciation Net Fixed Assets Total Assets Liabilities and Owners' Equity Accounts Payable Short-term Notes Payable Accrued Expenses Total Current Liabilities Long-term Debt Total Liabilities Common Stock Retained Earnings Total Shareholder's Equity Total Liabilities and Owners' Equity * Forecast Discretionary Financing Needed Total Accumulated DFN 2017 Dividends Net Addition to Plan and Equipment Life of New Equipment in Years Salvage Value of New Equipment New Depreciation (Straight Line) Iteration Fashion Trends, Inc. Balance Sheet As of Dec. 31, 2017 2018* 862,000 631,365 748,632 2,241,997 4,590,000 4,590,000 2017 862,000 1,006,000 578,000 2,446,000 9,338,000 4,590,000 4,748,000 7,194,000 2016 678,000 73,000 600,000 2,008,000 8,644,000 4,112,000 4,532,000 6,540,000 764,000 158,000 318,000 1,240,000 2,046,000 3,286,000 1,638,000 2,270,000 3,908,000 7,194,000 540,000 198,000 228,000 966,000 1,934,000 2,900,000 1,616,000 2,024,000 3,640,000 6,540,000 "Surplus" or "Deficit" or "Balanced"