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Question 8 (10 points) Assume today is December 31, 2020. Presented below are the statement of comprehensive income for the year ended December 31, 2020 and the statement of financial position as of December 31, 2020 for ABC Limited: Statement of Comprehensive Income For the Year Ended December 31, 2020 Amount Sales 400,000 Cost of goods sold 160,000 Other operating expenses 120.000 Earnings before taxes 120.000 Income taxes (309) 16.000 Net income s 84.000 Addition to retained in $ 50.400 Dividends 33,600 of Sales 100.00 40.00% 30.00 30.00 9.009 21.00 Statement of Financial Position December 31, 2020 Assets Current set Fixed assets Total assets 5 640.000 760.000 1.400.00 160.000 190.00 750.00 200,000 GO 5000 Liabilities and equity Current liabilities Low-term dele Equity Counaalum Retained a Totallaties met 180,000 Retained earnings Total liabilities and equity 280,000 1,400,000 S ABC Limited is preparing its year 2021 pro forma statements and making the following assumptions: All items on the statement of comprehensive income, as well as all assets and current liabilities on the statement of financial position, are directly tied to sales. Long-term debt and common shares will be fixed. Sales are expected to grow by 10% in year 2021 (relative to year 2020). Dividend payout ratio is not expected to change. Required a) Calculate the maximum growth rate of ABC ted based on the year 2020 financial statements if it uses internal financing only. Show your work. (2 marks) b) You would like to evaluate the ability of ABC Limited to pay off its current liabilities using all items of its current assets. Pick and calculate the most relevant ratio based on the year 2020 financial statements. Show your work. (2 marks) c) Calculate the amount of retained earnings on the pro forma statement of financial position for year 2021. Show your work. (3 marks) d) Calculate the amount of external financing needed (EFN) for year 2021. Show your work. (3 marks) Format