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Use the information provided in column and the assumptions in column M to build a forecast income statement and balance sheet for 2022. Iterate until your forecast balance sheet balances. Follow the example we used in class lecture. Part 1 is worth 10 points. Income Statement Iterations 2022F 2022F 20227 2022F 2021E 12,894 10,315 2,579 Assumptions 25% 80% Net Sales Cost of goods sold Gross profit Expenses Selling general, and administrative expenses Net interest expense Earnings before tax Tax Earnings after tax Dividends 12% 10% 1,547 90 942 330 612 153 35% 25% Balance Sheet Iterations 2022F 2022F 2021E 2022F 20227 Assets Current assets Cash and securities Accounts recelvable Inventory Prepaid expenses Total current assets Net fixed assets Total assets 636 1,590 2,579 18 4,822 300 5,122 18 45 4 Keep constant da das tur 25 des 55 ca 0 day Liabilities and Owners' Equity Current liabilities Bank loan Accounts payable CMLTD Accrued wages Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and owners equity plus 32 Keep constant Keep constant 50 904 100 18 1,072 900 250 2,900 5,122 0 balance External depreciation The company plans to spend $55 on new fixed assets and has a cap ex depreciation expense of $25. days Start with Oin bank loan for first iteration. Hold amortization of debt principle constant at $100 and keep accrued wages constant ant ant Long-term debt amortizes by 100 each year. No new common stock is issued nor repurchased. Use BASE for retained earnings. Plug your balance in to the next iteration's bank loan if this value is positive. If negative, subtract from bank loan. Once bank loan is zero, add to marketable securities Use the information provided in column and the assumptions in column M to build a forecast income statement and balance sheet for 2022. Iterate until your forecast balance sheet balances. Follow the example we used in class lecture. Part 1 is worth 10 points. Income Statement Iterations 2022F 2022F 20227 2022F 2021E 12,894 10,315 2,579 Assumptions 25% 80% Net Sales Cost of goods sold Gross profit Expenses Selling general, and administrative expenses Net interest expense Earnings before tax Tax Earnings after tax Dividends 12% 10% 1,547 90 942 330 612 153 35% 25% Balance Sheet Iterations 2022F 2022F 2021E 2022F 20227 Assets Current assets Cash and securities Accounts recelvable Inventory Prepaid expenses Total current assets Net fixed assets Total assets 636 1,590 2,579 18 4,822 300 5,122 18 45 4 Keep constant da das tur 25 des 55 ca 0 day Liabilities and Owners' Equity Current liabilities Bank loan Accounts payable CMLTD Accrued wages Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and owners equity plus 32 Keep constant Keep constant 50 904 100 18 1,072 900 250 2,900 5,122 0 balance External depreciation The company plans to spend $55 on new fixed assets and has a cap ex depreciation expense of $25. days Start with Oin bank loan for first iteration. Hold amortization of debt principle constant at $100 and keep accrued wages constant ant ant Long-term debt amortizes by 100 each year. No new common stock is issued nor repurchased. Use BASE for retained earnings. Plug your balance in to the next iteration's bank loan if this value is positive. If negative, subtract from bank loan. Once bank loan is zero, add to marketable securities