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Preparing a Forecast Income Statement and Balance Sheet Following are summarized 2020 and 2019 income statements and balance sheets for The Coca-Cola Company. Required Make
Preparing a Forecast Income Statement and Balance Sheet Following are summarized 2020 and 2019 income statements and balance sheets for The Coca-Cola Company. Required Make the following assumptions: - 2021 sales revenue increases 5\% from 2020 to $35,358 million. - Operating expenses increase in 2021 in proportion to sales revenue. - Operating assets and liabilities increase based on their 2020 relation to sales revenue. Classify "deferred and accrued taxes," "Other assets," and "Other liabilities" as operating. - Nonoperating revenues, expenses, assets (including investments and intangible assets), and liabilities do not change from 2020 to 2021. Assume no change for equity income or equity method investments. - Dividend payout is 60% of net income. - Income tax rate is 25%. Prepare a forecast income statement and balance sheet for 2021. Note: Round your answers to the nearest whole dollar
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