PROBLEM 14-1 FINANCIAL FORECASTING % of sales DATA 31/12/2018 31/12/2019 Sales 18,400,000 21,160,000 Net profit 552,000 3% 634,800 Balance sheet 31/12/2018 % of sales 31/12/2019 Asset Current assets 2,760,000 15% 3,174,000 Net fixed assets 7,360,000 40% 8,464,000 Total 10,120,000 11,638,000 Liabilities and Owner's Equity Accounts payable 2,208,000 12% 2,539,200 Long-term debt 2,000,000 2,000,000 Total liabilities 4,208,000 4,539,200 Common stock 2,000,000 2,000,000 Paid-in capital 2,712,000 2,712,000 Retained earnings 1,200,000 1,834,800 Common equity 5,912,000 6,546,800 Total 10,120,000 11,086,000 Financing Needs =