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5 605 8 Income Statement December 31, 2018 Balance Sheet December 31, 2018 Forecast Forecast Sales $40,000 Assets: COGS 18,200 21,800 Total Current Assets $100,000 Net Plant & Equipment 70.000 Total Assets $170,000 4,000 Selling Expenses Depreciation Fixed Expenses 3,000 4.000 Liabilities & Equity: Accounts Payable Notes Payable Accrued Expenses $40,000 10,000 10,000 EBIT 10,800 Taxes (40%) 4.320 40,000 40,000 Net Income Bonds Payable Common Stock Paid-in-Surplus 6,480 20,000 SEP 14 ani.blackboard.com/ultra/courses/_120825_1/cl/outline Incogne Remaining Time: 30 minutes, 28 seconds. Question Completion Status: 120 5 70 BO Net Income 6,480 Bonds Payable 40,000 Common Stock 40,000 Pald-in-Surplus 20,000 Retained Earnings 10.000 Total Liab & Equity $170,000 Common Stock Div. 1.200 $ 5,280 Sales for 2019 are projected to be $60,000; the firm currently uses straight line depreciation. No new equipment purchases are planned for 2019. There will be a 10% earnings distribution for 2019. Notes Payable will be paid off at the end of 2018. 1. Forecast net income for 2019. 2. Forecast retained earnings for 2019. 50,000 3. Forecast total assets for 2019 4. Forecast additional funds needed in 2019. 14 5 605 8 Income Statement December 31, 2018 Balance Sheet December 31, 2018 Forecast Forecast Sales $40,000 Assets: COGS 18,200 21,800 Total Current Assets $100,000 Net Plant & Equipment 70.000 Total Assets $170,000 4,000 Selling Expenses Depreciation Fixed Expenses 3,000 4.000 Liabilities & Equity: Accounts Payable Notes Payable Accrued Expenses $40,000 10,000 10,000 EBIT 10,800 Taxes (40%) 4.320 40,000 40,000 Net Income Bonds Payable Common Stock Paid-in-Surplus 6,480 20,000 SEP 14 ani.blackboard.com/ultra/courses/_120825_1/cl/outline Incogne Remaining Time: 30 minutes, 28 seconds. Question Completion Status: 120 5 70 BO Net Income 6,480 Bonds Payable 40,000 Common Stock 40,000 Pald-in-Surplus 20,000 Retained Earnings 10.000 Total Liab & Equity $170,000 Common Stock Div. 1.200 $ 5,280 Sales for 2019 are projected to be $60,000; the firm currently uses straight line depreciation. No new equipment purchases are planned for 2019. There will be a 10% earnings distribution for 2019. Notes Payable will be paid off at the end of 2018. 1. Forecast net income for 2019. 2. Forecast retained earnings for 2019. 50,000 3. Forecast total assets for 2019 4. Forecast additional funds needed in 2019. 14