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2 The following tables contain financial statements for Dynastatics Corporation. Although the company has not been growing, it now plans to expand and will increase net fixed assets (i.e., assets net of depreciation) by $200,000 per year for the next 5 years, and it forecasts that the ratio of revenues to total assets will remain at 1.50. Annual depreciation is 10% of net fixed assets at the beginning of the year. Fixed costs are expected to remain at $92 and variable costs at 80% of revenue. The company's policy is to pay out two-thirds of net income as dividends and to maintain a book debt ratio of 20% of total capital. 10 points 8 02:21:36 eBook INCOME STATEMENT, 2019 (Figures in $ thousands) Revenue Fixed costs Variable costs (80% of revenue) Depreciation Interest (8% of beginning-of-year debt) Taxable income Taxes (at 40%) Net income Dividends Addition to retained earnings $ 1,800 92 1,440 se 24 164 66 $ 98 Print References $ 65 $ 33 3 BALANCE SHEET, YEAR-END (Figures in $ thousands) 2019 10 points $ 400 800 $ 1,200 Assets Net working capital Fixed assets Total assets Liabilities and shareholders' equity Debt Equity Total liabilities and shareholders' equity 8 02:21:28 $ 300 900 $ 1,200 eBook Print References Required: a1. Produce an income statement for 2020. Assume that net working capital will equal 50% of fixed assets. a2. Produce a balance sheet for 2020. Assume that net working capital will equal 50% of fixed assets. b. Now assume that the balancing item is debt and that no equity is to be issued. Prepare a completed pro forma balance sheet for 2020. c. Assume that the balancing item is debt and that no equity is to be issued, what is the projected debt ratio for 2020? 3 Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Reqc 10 points Produce an income statement for 2020. Assume that net working capital will equal 50% of fixed assets. (Input all amounts as positive values. Enter your answers in thousands.) X 01:36:12 Pro-Forma Income Statement 2020 eBook Print References Depreciation Dividends Fixed costs Interest Check my work 3 Req A1 Req A2 Req B Reqc Produce an balance sheet for 2020. Assume that net working capital will equal 50% of fixed assets. (Enter your answers in thousands.) 10 points Balance Sheet Year-End 2020 02:20:57 Assets Net working capital Fixed assets eBook Total assets Print Liabilities & Shareholders' Equity Debt References Equity Total liabilities & shareholders' equity Check my work 3 Req A1 Req A2 Req B ReqC Now assume that the balancing item is debt and that no equity is to be issued. Prepare a completed pro forma balance sheet for 2020. (Enter your answers in thousands.) 10 points Balance Sheet Year-End 2020 02:20:34 Assets Net working capital Fixed assets eBook Total assets Print Liabilities & Shareholders' Equity Debt References Equity Total liabilities & shareholders' equity 1 -ri -I - -1 1 111 -* -1 y '--- -1 1 n 11 11 1 1 1 1 11 19 11-1 111 1 1 1 11 '1-- - -- 3 Complete this question by entering your answers in the tabs below. 10 points Req A1 Req A2 ReqB Reqc 02:20:50 What is the projected debt ratio for 2020? (Round your answer to 3 decimal places.) Debt ratio eBook Check my work 3 Req A1 Req A2 Req B ReqC Now assume that the balancing item is debt and that no equity is to be issued. Prepare a completed pro forma balance sheet for 2020. (Enter your answers in thousands.) 10 points Balance Sheet Year-End 2020 02:20:34 Assets Net working capital Fixed assets eBook Total assets Print Liabilities & Shareholders' Equity Debt References Equity Total liabilities & shareholders' equity 1 -ri -I - -1 1 111 -* -1 y '--- -1 1 n 11 11 1 1 1 1 11 19 11-1 111 1 1 1 11 '1-- - -- 3 Complete this question by entering your answers in the tabs below. 10 points Req A1 Req A2 ReqB Reqc 02:20:50 What is the projected debt ratio for 2020? (Round your answer to 3 decimal places.) Debt ratio eBook