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Diversity Corporation Income Statement (S in millions) 2018 2019e Sales Cost of Goods SGA Interest EBT Taxes (40%) Net income Dividends 1200 -720 120 60 68 300 120 180 -70 Retained earnings 110 -80 Diversity Corporation Balance Sheet 2018 2019e 2018 2019e Cash Accounts receivables Inventory Short term Investments Current assets Net plant & equip Total assets 30 150 400 20 600 1800 2400 Accounts payable 180 Notes payable220 Current liabilities Long-term debt Common stock Retained earnings800 Total liab & equity 2400 400 800 400 Use the Diversity Corporation Financial Statements above to answer the following questions and to report the projected 2019 figures c. The CFO has been conducting a ratio analysis and has noted that the industry average Inventory Turnover i action. Having taken Finance 850, you have developed a plan and suggested a course of to the CFO that you believe will bring the Inventory Turnover ratio to equal the industry average Project the impact of your plan on the inventory account for 2019 and explain how this will aft the need for additional funds next year. Estimate the S effect, but do not- restate the rest of the balance sheet or the income statement. ratio (S/I) is 5 times, while DC's ratio is much worse and in need of corrective New inventory balance (round to the nearest million) New need for additional funds ing your answer in c above how would your fixed assets being at 60% capacity affect the need for additional funds in 2019? How about 90%? Estimate the S effect, but do not restate the rest of the balance sheet or the income statement. Also, do not assume that you would dispose of any pre-existing Net Plant and Equipment New Net Plant and Equipment balance 60% capacity New need for additional funds 60% capacity New Net Plant and Equipment balance 90% capacity New need for additional funds 90% capacity a DC has been growing rapidly during the past few years and has had to continually raise funds. The CFO has asked you to prepare a forecast of additional funds needed for 2019 She has indicated that sales will increase by 30% next year Assuming a constant percentage of sales, complete the Diversity Corporation 2019 income statement and balance sheet in the columns provided above Assume that fixed assets are already at 100% capacity and will need to grow 30% too Also assume that interest expense will increase to $68 and that dividends will be $80, and that the short term investments account will not change now to allow DC to maintain future financial flexibility Finally, assume that additional funds will be provided by increasing long-term debt (or reducing debt if there is excess cash), and not from increasing notes payable or issuing stock. What additional funds will be needed in 2019 in this scenario (how much new long term debt will we need to obtain)? Determine this from the projected financial statements that you have prepared above How much new long term debt will we needed? b What is the self-supporting growth rate