PROBLEM #1 Cyprian Manufacturing Company presents the following Cyprian Manufacturing Company Cyprian Manufacturing Company Statement of Comprehensive Income Statement of Financial Position Year Ended December 31, 2019 December 31, 2019 Current assets P4,200,000 Sales P6,000,000 Non-current assets 5.000.000 Less: Cost of sales 4.200.000 Total assets P9.200.000 Gross Profit 1.800,000 Less: Operating expenses 900.000 Current liabilities P900.000 Income before taxes 900.000 Non-current liabilities 2.500.000 Less: Income tax (30%) 270.000 Ordinary shares 4.900.000 Retained earnings 900.000 Net income 630.000 Total liabilities and retained earings P2.200.000 Additional information: 1. Dividends paid out of P630,000 earnings in 2019 amount to P378,000 2. Only current assets and current liabilities are directly related to sales. 3. The business expects 30% increase in sales for 2020 4. Assume the ratios to sales of cost of sales and operating expenses is the same as in year 2019. Required Compute or prepare the following 1. Projected increase in current assets 2. Spontaneous increase in current liabilities 3. Projected earnings after tax 4. Expected increase in retained earnings 5 Additional funds needed 6. Projected statement of financial position that shows separately the additional funds needed