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1. The Zippy's Wine Purveyor has forecast a sales growth rate of 20 percent for next year. Current assets, fixed assets, and shortterm debt are proportional to sales. The current financial statements are shown here: Balance Sheet Assets Liabilities and Equity Current Assets 7,240,000 Current Liabilities 7,700,000 Long-term Debt 3,696,000 Fixed Assets 18,940,000 Common S tock 4,374,000 Accumulated Retained Earnings 10,410,000 Total Assets 26,180,000 26,180,000 Income Statement S ales Costs 30,800,000 26,503,400 E BT Taxes 4,296,600 1,503,810 Net Income 2,792,790 Dividends Additions to Retained E arnings 1,117,116 1,675,674 a. Prepare the firm's pro forma financial statements for next year by completing the following tables. Assume the firm will maintain the same retention ratio as last year. Balance Sheet Assets Current Assets Liabilities and E quity Current Liabilities Long-term Debt Fixed Assets Common Stock Accumulated Retained E arnings Total Assets Income Statement Sales Costs EBT Taxes Net Income Dividends Additions to Retained E arnings b. Calculate Zippy's external funds needed. c. Describe three different actions management can choose to take to meet this need. 2. Compute the future value of $2,000 compounded annually for 20 years at 6 percent. 3. Greco, Inc., has an unfunded pension liability of $574 million that must be paid in 15 years. To assess the value of the firm's stock, financial analysts want to discount this liability back to the present. If the relevant discount rate is 6.7 percent, what is the present value 4. An investor purchasing a government consol is entitled to receive annual payments from the government forever. What is the price of a consol that pays $180 annually if the next payment occurs one year from today? The market interest rate is 4.9 percent