Management expects the following for 2021:

An 8% increase in revenues; COGS will increase by 2% from its current percent of sales. Expenses will stay at the same percent of sales; Current assets will also stay at their same percent of sales. Fixed assets will increase by $28,000 ; All interest will be paid at a 8% interest rate and will only be on long-term debt, which is not expected to change; the tax rate is expected to stay at the same tax rate. No dividends are paid and any shortfalls should be made up in current liabilities.

Prepare a forecasted income statement and balance sheet for 2021, in good accounting order and properly labeled. Round to the nearest dollar.

Please write it in keyboard words.

1. Lasso Corp. wants to forecast for 2021. The end of year statements for 2020 are as follows: Income Statement Revenues COGS Gross Profits Expenses EBIT - Interest EBT -Taxes EAT $245,622 - 142,461 103,161 - 49,124 54,037 9.642 44,395 -9323 35,072 Balance Sheet Current Assets Fixed Assets Total Assets $179,304 Current liabilities $140,930 Long-term debt $320,234 Total liabilities Equity Total Liabilities & Equity $85,700 78,180 $ 163,880 $156,354 $320,234