Part 2: Ramus The Ramus Company is a company manufacturing equipment for the furniture industry. The balance sheet at December 31, X1 is presented below. Fixed assets Equity Capital 9700 Manufacturing equip (net) 10 000 Retained earnings 675 Current Assets Net income loss 180 Inventory Liabilities Raw materials 1 000 Debt 2. SO - Finished products 1 500 Bank overdraft Accounts receivable 500 Accounts payable 100 Cash at Bank 200 income tax payable 451 13 200 13 200 The following budgets are given in thousands CU): Sales 28 000 Including cash sales during the period 25 500 Purchases of raw material 8 500 Including cash purchases 8 2001 Other expenses (paid cash) advertising 2 3001 - Wages 5 2001 - depreciation 1 200 other taxes (excluding Income Taxes) 500 New Equipment (paid cash during the period 1 800 Financial expense Interest, various fees) 150 Repayment of Debt 600 New Debt 300 Dividends paid during the period 120 Capital increase 1001 Ending inventory of raw material 850 Ending inventory of finished products 1 200 Income Tax rate 359 The income tax expense will be paid during the following year. Required Prepare the following forecast documents: cash flow budget, income statement and balance sheet, for the year X2 (Please use the ready lined documents below). Opening balance (1) Operating expenses Operating revenues Cash flows from operating activities Cash from sales Purchases of raw material Sales Cash from receivables (see opening balance sheet) Change in inventory of raw materials (BE) External expenses Change in inventories of finished products (E-B) (Where Eending and B beginning) Cash purchases Accounts payable (see opening balance sheet) Other taxes Income tax payable (see opening balance sheet) Personnel expenses Other taxes Depreciation allowance for the period Personnel expenses Advertising and commercial expenses Financial expenses Financial income Financial expenses Exceptional expenses Exceptional income Nel cash flows from eating activities (2) Sub total Sub total income tax Cash flows from investing activities Investments (assembly lines) Net income Net loss Total Total Nel cash flows wed inimesting activities (3) BALANCE SHEET in 000 of CU) Cash flows from financing activities Begend Beg End Increase in capital Fixed assets Shareholders' wity New debt Manufacturing equip (net) 10 000 Capital 9600 Repayment of debt Retained earnings 675 Dividends paid Cwer Assets Net income/loss 180 Inventories Subtotal Nel cash flows used in financing activities (4) Raw material 1 000 - Finished products 1 500 Liabilities Net increase (decrease) in cash ( 52)+(3) (4) Accounts receivable 500 Debt 2500 Bank overdraft Ending balance (6)-(1)-(5) Cash at Bank 100 Accounts payable 100 45 Income tax payable Total 13 100 Total 13 100