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3. In preparing financial projections, which of the following variables is LEAST critical to achieving a projection that provides valid insights about a company's future ability to repay debt? C A.The relationship between sales and expenses C B.The level of planned equity additions C C.The efficiency of management of receivables and inventory D.The amount of planned additions to capacity 4. When completing a projected balance sheet, which of the following steps would be appropriate to bring assets and liabilities into balance? 1. When liabilities exceed assets, reduce short-term debt first II. When assets exceed liabilities, reduce excess cash first III. When liabilities exceed assets, increase cash after reducing short and long-term debt IV. When assets exceed liabilities, increase short-term debt before reducing cash CA.1 & 11. C B.I & IV C C.II & III D.III & IV