Practice Problems Apple Two Enterprises expects to generate sales of $5.950,000 for fiscal 2018: sales were $3,450,000 in fiscal 2017. Assume the following figures for the fiscal year ending 2017: cash $70,000, accounts receivable $250.000. Inventory $400,000, net fixed assets $520,000, accounts payable $235,000, and accruals $155.000. Use the percent minus-of minus-sales method to forecast cash for the fiscal year ending 2018 9 Apple Two Enterprises expects to generate sales of $5.950,000 for fiscal 2014, sales were $3,450,000 in fiscal 2013. Assume the following figures for the fiscal year ending 2013: cash $70,000; accounts receivable $250,000; inventory $400,000, net fixed assets $520,000, accounts payable $235,000, and accruals $155,000. Use the percent minus-of minus-sales method to forecast accounts payable for the fiscal year ending 2014 3. In 2016 Mango Corporation had net income of $5 million on sales of $50 million. The 2016 balance sheet showed current liabilities of $12 million, long minus-term debt of $18 million and equity of $45 million. The sales forecast for 2017 is $54 million. If Mango pays nodividends, what is the forecasted increase or decrease in equity at the end of 2017? 4. Wolf Den Craft Beers projects that it will need $50 million in total assets to meet the sales projection of $65 million. The pro forma balance sheet shows accounts payable, $8 million, accrued expenses, $2 million, long minus-term debt, $10 million and equity. $25 million. If Wolf Den decides to meet discretionary financing needs with 5 year notes payable, how much will it need toborrow? 5. A company collects 60% of its sales during the month of the sale, 30% one month after the sale, and 10% two months after the sale. The company expects sales of $10,000 in August, $20,000 in September, $30,000 in October, and $40,000 in November. How much money is expected to be collected in October