I have already answer for 4 to 6 using excel. can someone answer question # 7, please be more detailed in answering # 7. Thanks.

Transcribed image text: Paragraph Styles Using the attached financial statement exhibits, please prepare answers to the following: 4). Prepare common-sized income statements for all prior years. 5). Prepare pro forma income statements for the next 5 years. Assume the revenue growth rate between 2019 and 2020 will stay the same for the next five years Assume the expense percentages shown on the common-size income statement for 2020 will stay the same going forward. 6). Prepare common-sized balance sheets for all prior years. Using your answers to the above questions, prepare a brief executive summary (no more than a couple of paragraphs) analyzing the company and discussing future financial performance. BALANCE SHEET (USD in millions) 2020 Assets Current assets Liabilities Current liabilities Short-term debt $ 3,897.00 Non-current liabilities Long-term debt $ 21,457.00 Total liabilities $ 25,354.00 Cash and cash equivalents $6,877.00 Short-term investments $ 53,539.00 Total current assets $ 60,416.00 Non-current assets Gross property, plant and equipment $ 12,427.00 Accumulated Depreciation $ (9,095.00) Total non-current assets $3,332.00 Stockholders' equity Common stock Retained ea ngs Total stockholders' equity $ 22,340.00 $ 16,054.00 $ 38,394.00 Total assets $ 63,748.00 Total liabilities and stockholders' equity $ 63,748.00 EXHIBIT 1 Income Statements (USD in millions) Revenue Cost of revenue Gross profit Research and development Sales, General and administrative Restructuring, merger and acquisition Operating income Interest Expense Income before taxes Provision for income taxes Net income 2016 2017 2018 2019 2020 $ 43,218.00 $ 46,061.00 $ 48,607.00 $ 47,142.00 $ 49,161.00 $(16,682.00) $(17,852.00) $(19,167.00) $(19,373.00) $(19,480.00) $ 26,536.00 $ 28,209.00 $ 29,440.00 $ 27,769.00 $ 29,681.00 $ (5,823.00) $ (5,488.00) $ (5,942.00) $ (6,294.00) $ (6,207.00) $(11,720.00) $(11,969.00 $(11,802.00) $(11,437.00) $(11,861.00) $ (799.00) $ (304.00) $ (105.00) $ (418.00) $ (484.00) $ 8,194.00 $ 10,448.00 $ 11,591.00 $ 9,620.00 $ 11,129.00 $ (628.00) $ (596.00 $ (583.00) $ (564.00) $ (566.00) $ 7,566.00 $9,852.00 $ 11,008.00 $ 9,056.00 $ 10,563.00 $(1,335.00) $ (2,118.00) $ (1,244.00) $ (1,862.00) $ (2,220.00) $ 6,231.00 $ 7,734.00 $ 9,764.00 $ 7,194.00 $ 8,343.00 EXHIBIT 2