i|Foundations of Financial Accounting Forecasted Balance Sheet The following balance sheet asset information is for 2015 Cash Accounts receivable Inventory 100 500 1,000 Land Plant and equipment (net) $2,500 5,000 Sales are expected to increase by 25% in 2016 None and will e needed tsupport this increased level of sales. This sales increase will require significantly expanded production capacity: net plant and equip- ment will increase by 40%. Prepare a forecast of the Assets section of the 2016 balance sheet. Forecasted Income Statement The following balance sheet information represents actual data for 2015 and forecasted data for 2016: Actual 2015 Forecasted 2016 Current assets.. . Property, plant, and equipment (net) Accounts payable... Long-term debt Total stockholders' equity. INDD$2,000 5,000 500 4,000 2,600 6,000 650 5,000 2950 Exercise 2,500 The actual income statement for 2015 is as follows Cost of goods sold Depreclation expense Interest expense Income before income taxes Income tax expense. muumuu 6,000 1,000 400 2.600 910 Sales are expected to increase by 30% in 2016, Prepare a forecasted income statement for 2016