Income StatementBalance Sheet

December 31, 2018December 31, 2018

(in thousands)(in thousands)

Sales$40,000Assets:

COGS 18,200Total Current Assets$100,000

21,800Net Plant & Equipment 70,000

Total Assets$170,000

Selling Expenses4,000

Depreciation3,000Liabilities & Equity:

Fixed Expenses 4,000Accounts Payable $40,000

Notes Payable10,000

EBIT10,800Accrued Expenses10,000

Taxes (40%)4,320

Bonds Payable 40,000

Net Income6,480 Common Stock40,000

Paid-in-Surplus20,000

Common Stock Div.1,200Retained Earnings10,000

$5,280

Total Liabilities & Equity$170,000

Sales for 2019 are projected to be $60,000; the firm currently uses straight line depreciation.No new equipment purchases are planned for 2019.There will be a 10% earnings distribution for 2019.Notes Payable will be paid off at the end of 2018.

6-13.Forecast net income for 2019.

6-14.Forecast retained earnings for 2019.

6-15.Forecast total assets for 2019.

6-16.Forecast additional funds needed in 2019.