*no shares issued and outstanding ** 527,550,000 and 525,826,800 shares issued and outstanding Required Forecast Costco's income statement, balance sheet, and statement of cash flows for the year ended September 1, 2020. Combin equipment accounts into Net property and equipment. Forecasts assumptions Forecast Net sales and Membership fees using their respective historical growth rates (2018 to 2019). \begin{tabular}{|l|r|r|} \hline Net property and equipment & 25,067 & 23,617 \\ \hline Other assets & 1,230 & 1,032 \\ \hline Total assets & $54,480 & $48,995 \\ \hline Current Liabilities & & \\ \hline Accounts payable & $14,015 & $13,484 \\ \hline Accrued salaries and benefits & 3,811 & 3,593 \\ \hline Accrued member rewards & 1,416 & 1,268 \\ \hline Deferred membership fees & 2,053 & 1,949 \\ \hline Current portion of long-term debt & 2,039 & 108 \\ \hline Other current liabilities & 4,550 & 3,509 \\ \hline Total current liabilities & 27,884 & 23,911 \\ \hline Long-term debt, excluding current portion & 6,149 & 7,784 \\ \hline Other liabilities & 1,746 & 1,577 \\ \hline Total liabilities & 35,779 & 33,272 \\ \hline Equity & & \\ \hline Preferred stock \$.01 par value; & & \\ \hline 100,000,000 shares authorized* & - & - \\ \hline \end{tabular} Debt maturing in fiscal 2020 and 2021 is $2,039 million and $1,313 million, respectively. The company anticipates repurchasing $300 million in common stock in fiscal 2020. The 2019 statement of cash flows reports the following: - Depreciation expense of $1,790 million - Dividends of \$1,246 million (to forecast 2020 dividends, use the 2019 dividend payout ratio as a percentage of net income attributable to Costco shareholders) - Stock-based compensation (a noncash expense that is included in SG\&A expense and is added to Additional paid-in capital) of $714 million - CAPEX of $3,598 million Forecast all other items as a percentage of total revenues. Note: Round historical rates used in calculations to three decimal places. For example, assume that Actual Merchandise inventories divided Actual Net sales equals 0.076297 . This factor should be rounded to 7.6% before computing your forecasted amount for Merchandise inventories. Note: Round your final answers below to the nearest whole dollar. COSTCO WHOLESALE CORP Consolidated Statements of Income For Year Ended (\$ millions) Sep. 1, 2019 Sep. 2, 2018 Net sales $179,221$166,121 Membership fees Total revenue Merchandise costs Selling, general and administrative 4,022 3,770 Preopening expenses 183,243 169,891 159,463 147,782 Operating income Interest expense 17,993 16,651 Interest income and other, net Income before income taxes Provision for income taxes Net income including noncontrolling interests Net income attributable to noncontrolling interests 103 82 5,684 5,376 (180) (191) Net income attributable to Costco 214 145 \begin{tabular}{|r|r|} \hline 214 & 145 \\ \hline 5,718 & 5,330 \\ \hline 1,273 & 1,516 \\ \hline 4,445 & 3,814 \\ \hline \end{tabular} (54) (54) $4,391$3,760 \begin{tabular}{|l|r|r|} \hline \multicolumn{3}{|c|}{\begin{tabular}{c} COSTCO WHOLESALE CORP \\ Consolidated Balance Sheets \end{tabular}} \\ \hline \multicolumn{1}{|c|}{ In millions, except par value } & \begin{tabular}{r} Sep. 1, \\ 2019 \end{tabular} & \begin{tabular}{c} Sep. 2, \\ 2018 \end{tabular} \\ \hline Current Assets & & \\ \hline Cash and cash equivalents & $10,062 & $7,265 \\ \hline Short-term investments & 1,272 & 1,445 \\ \hline Receivables, net & 1,842 & 2,003 \\ \hline Merchandise inventories & 13,674 & 13,248 \\ \hline Other current assets & 1,333 & 385 \\ \hline Total current assets & 28,183 & 24,346 \\ \hline Property and Equipment & & \\ \hline Land & 7,700 & 7,432 \\ \hline Buildings and improvements & 20,563 & 19,328 \\ \hline Equipment and fixtures & 9,361 & 8,729 \\ \hline Construction in progress & 1,526 & 1,368 \\ \hline Gross property and equipment & 39,150 & 36,857 \\ \hline Less accumulated denreciation and amortization & (14.083) & (13.240) \\ \hline \end{tabular}