Last year Apple reported total sales of $353 billion. It reported total assets of $434 billion. It expects sales to increase by 3% next year. If the percentage of total assets to sales is expected to remain constant, calculate the expected amount of total assets for the end of next year. QUESTION 4 AO Smith Corporation has total assets of $500,000. To support its growth in sales next year, it projects total assets will need to increase by 7% and naturally occurring growth in financing resources (i.e., total liabilities and equity) will increase 4%. Assuming deficits can be financed with debt at 7%, by how much is interest expense expected to increase? QUESTION 5 Last year Lockheed Martin Corporation reported gross property, plant, and equipment of $9,547 million. It also reported total sales of $4,011 million and total capital expenditures of $679 million. If new capital expenditures are assumed to be directly linked to the level of sales, and sales are expected to grow by 3% this year, how much will the company have in total gross property, plant, and equipment at the end of the year? Assume that no assets are expected to be sold during the year. QUESTION 6 McKinnon Inc. reports sales of $5,494 million and cost of goods sold of $2,825 million. Sales are projected to grow by 4%. If the percentage of cost of goods sold to sales expected to be 4 percentage points higher than it was this year, what would be the projected amount of cost of goods sold for next year