QUESTION 2 [26 marks] Gabex Capital (PTY) Ltd is planning to create forecasted financial statements for 2021 based on its accounting data in 2020. Extract for the year ended 2020 and 2021 Total revenue 2020 (R) 2 325 000 Cost of sales Selling expenses Depreciation expense Interest expense Outstanding shares (90 000 @ R10each) Cash Account receivable Inventory Plant & equipment Accumulated depreciation Average tax rate (28%) 1 875 000 165 000 22 500 37 500 1 000 000 30 000 180 000 330 000 1 725 000 375 000 (28%) Additional information Accounts payable, notes payable, long-term debt, common stock, additional paid- in-capital, and retained earnings represented 7%, 0.5%. 20%, 44.5%, 12% and 16% of total assets, respectively. 9 HPFM440-1-JanJun2022-SuppSA1-GC-V1-04022022 Year ended 2021: - Gabex Capital (PTY) Ltd expects a 20% increase in total revenue, while cost of goods sold and selling and expenses are expected to remain at the same. proportion of total revenue as in 2020. Both total plant and equipment and depreciation expense will increase by 10%. Similarly, long-term debt is forecasted and interest expense will increase by 15%, but the tax rate and the number of shares outstanding will remain constant. Additionally accounts receivable, inventory, accounts payable, and notes payable are expected to increase 15%, while common stock and paid-in-capital will increase by 20%. The dividend policy in 2021 will be based on a dividend payout ratio of 50%. In other words, 50% of forecasted earnings will be paid to shareholders as dividends. Required; Using these projections, create the forecasted 2021 Income statement, Balance sheet, and Statement of cash flows for Gabex Capital (PTY) Ltd. Each statement should be on a separate worksheet. Present your answer in: Normal view Formula view (13 marks) (13 marks)