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please show calculations/workings Assumptions: The firm is operating at full capacity. Sales are expected to increase by 20%. Interest expense will remain constant. Tax rate

please show calculations/workings
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Assumptions: The firm is operating at full capacity. Sales are expected to increase by 20%. Interest expense will remain constant. Tax rate and dividend payout ratio remain constant. COGS will be 75% of sales. Other expenses, cash, receivables, net fixed assets, and accounts payable increase with sales. Inventory will be 9% of sales. Determine EFN. Assume external funds will be raised as follows: 20% notes payable, 30% long-term debt, and 50% common stock Income Statement for Fleury, Inc. Year Ended December 31, 2021 Forecast Sales $743,000 COGS $578,000 Other expenses S 15.200 EBIT $149,800 Interest S 11.200 EBT $138,600 Taxes (35%) $ 48,510 Net income $ 90,090 Dividends $ 18,018 Add to Retained Earnings S 72,072 Balance Sheet for Fleury, Inc. as of December 31, 2021 Cash $ 15,240 Receivables $ 37,560 Inventory $ 69,520 Total current assets $122,320 Net fixed assets $330.400 Total assets Accounts payable Notes payable Total current liabilities Long-term debt Total debt S452,720 $ 54,400 $ 13.600 $68,000 $126.000 $194,000 Common stock $112,000 Retained Earnings $146.720 Total Common equity $258,720 Total liabilities & equity $452,720

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