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Finance 1013 T3 2019 Assignment 2 [Compatibility Mode] - Microsoft Word MAILINGS REVIEW VIEW REFERENCES 6. Using the Forecasted Financial Statement method, construct a pro forma balance sheet for North West EcoVentures for the 2019 year using the ratios from 2018 and determine the AFN for 2019. Use the data in the Excel spreadsheet. Assume the following: 2019 Sales will increased by 10% over 2018 Cost of Goods Sold ratio will be the same as 2018 Company will tighten control over Expenses and will reduce Other Expense ratio to 6% of Sales in 2019. Depreciation expense will be 10% of Net Fixed Assets All additional debt will be added at throughout the year. The 2019 forecasted interest expense will be based on the debt balance at the beginning of the year (i.e. 2018 ending balance) with the interest rate adjusted by 0.5%. The interest rate on all debt (short-term and long-term) is 5.5%. 2019 dividend payout ratio will be 70% No bond or common stock issues are planned. Any Additional Funds Needed will come from Notes Payable The amount of Short-Term Investments will remain the same Assignment #2 T3 2019 Data for North West Eco Venture FORMULAS DATA REVIEW VIEW A A == Wrap Test E E Merge & Center - $ - %, Alignment Number General FILE HOME INSERT PAGE LAYOUT AX Cut Arial U Paste Copy Format Painter BTU A Clipboard Font D10 2 3 North West EcoVentures Ltd Data for Forecasted Financial Statements Ratios 7 Income Statement ent 2018 Proforma 2019 8,018,670 sales increased 10 5,605,600 9 Sales 10 Cost of goods sold 11 Other expenses 12 Depreciation 13 Total operating costs 14 EBIT 15 Interest expense 15 EBT 17 Taxes (40%) 18 Net income 19 Dividends 20 Retained Earnings for the 7289,700 5,605,600 437382 120,050 6,163,032 1,126 668 19,000 1,107 668 443 067 664,601 398 760 265,840 24 Balance Sheet 2018 Proforma 2019 Sheet1 Sheet2 Sheet ENTER O Type here to search t e o FILE Assignment=2 T3 2019 Data for North West DATA REVIEW VIEW Ge HOME INSERT PAGE LAYOUT FORMULAS Cut Arial .11A Format Painter BIU. . .A. = Clipboard GPS Copy Gene Paste Wrap Test Merge & Center - $ - Font Alignment E45 24 Balance Sheet 2018 Proforma 2019 27 28 29 30 31 32 Cash Short Term Investments Accounts receivable Inventories Total Current Assets Net fixed assets Total assets 20,542 20,000 587,000 1,787,755 2,415,297 1,200.500 3,615,797 34 Accounts payable 35 Notes payable 36 Accruals 37 Total current liabilities 38 Long-term debt 39 Common stock (100,000 40 Retained earnings 41 Total equity 42 Total liabilities and equity 456,000 100,000 154,800 710,800 250,000 1,400,000 1 254 997 2 654 997 3,615,797 45 Additional Funds Needed Sheet1 Sheet2 Sheet READY O Type here to search D i e
