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Excel Activity: Forecasting Financial Statements Morrissey Technologies Inc.'s 2021 financial statements are shown here. Morrissey Technologies Inc.: Income Statement for December 31, 2021 Sales Operating costs including depreciation EBIT Interest EBT Taxes (25\%) Net income $3,200,000 2,861,100$338,900 18,900$320,000 80,000$240,000 Per share data: Common stock price Earnings per share (EPS) $42.00 Dividends per share (DPS) $2.40 $1.92 a. Construct the forecasted financial statements assuming that these changes are made. What are the firm's forecasted notes payable and long-term debt balances? What is the forecasted addition to retained earnings? Round your answers to the nearest cent. Morrissey Technologies Inc.: Pro Forma Income Statement for December 31, 2022 Sales Operating costs including depreciation Earnings before interest and taxes (EBIT) Interest Earnings before taxes (EBT) Taxes (25\%) Net income (NI) Dividends Addition to retained earnings Morrissey Technologies Inc.: Pro Forma Balance Sheet as of December 31, 2022 Assets Cash Receivables Inventories Total current assets Fixed assets Total assets Liabilities and Equity Accounts payable Accrued liabilities Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity Download spreadsheet Forecasting_Financial Statements-7f9b97.xlsx a. Construct the forecasted financial statements assuming that these changes are made. What are the firm's forecasted notes payable and long-term debt balances? What is the forecasted addition to retained earnings? Round your answers to the nearest cent. b. If the profit margin remains at 7.50% and the dividend payout ratio remains at 80%, at what growth rate in sales will the additional financing requirements be exactly zero? In other words, what is the firm's sustainable growth rate? (Hint: Set AFN equal to zero and solve for g.) Round your answer to two decimal places. % Excel Activity: Forecasting Financial Statements Morrissey Technologies Inc.'s 2021 financial statements are shown here. Morrissey Technologies Inc.: Income Statement for December 31, 2021 Sales Operating costs including depreciation EBIT Interest EBT Taxes (25\%) Net income $3,200,000 2,861,100$338,900 18,900$320,000 80,000$240,000 Per share data: Common stock price Earnings per share (EPS) $42.00 Dividends per share (DPS) $2.40 $1.92 a. Construct the forecasted financial statements assuming that these changes are made. What are the firm's forecasted notes payable and long-term debt balances? What is the forecasted addition to retained earnings? Round your answers to the nearest cent. Morrissey Technologies Inc.: Pro Forma Income Statement for December 31, 2022 Sales Operating costs including depreciation Earnings before interest and taxes (EBIT) Interest Earnings before taxes (EBT) Taxes (25\%) Net income (NI) Dividends Addition to retained earnings Morrissey Technologies Inc.: Pro Forma Balance Sheet as of December 31, 2022 Assets Cash Receivables Inventories Total current assets Fixed assets Total assets Liabilities and Equity Accounts payable Accrued liabilities Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total common equity Total liabilities and equity Download spreadsheet Forecasting_Financial Statements-7f9b97.xlsx a. Construct the forecasted financial statements assuming that these changes are made. What are the firm's forecasted notes payable and long-term debt balances? What is the forecasted addition to retained earnings? Round your answers to the nearest cent. b. If the profit margin remains at 7.50% and the dividend payout ratio remains at 80%, at what growth rate in sales will the additional financing requirements be exactly zero? In other words, what is the firm's sustainable growth rate? (Hint: Set AFN equal to zero and solve for g.) Round your answer to two decimal places. %