1. How are preliminary levels of debt, preferred stock, common stock, and dividends projected?

2. Suppose COGS is currently 67% of sales and over the next year sales growth by 5% and growth

   COGS is 3%. Do you predict the COGS as a percent of sales will increase, increase, or remain the same over the next year? Explain and verify your intuition by calculating the COGS be as a percent of sales at year-end?

3. What is the financing surplus or deficit in general? How is it calculated?