Question 6 (9 points) Page 6 of 6 You are conducting financial planning for your company and provided with the following financi statements for 2020. You are also told that assets, accounts payable and cous proportional to De and equity are not proportional to sales. Sales are expected to increase by 13% 2001 The de paya ratio is 35%. The company is currently operating at 93% of capacity Your first task is to calculate the projected retained earnings balance at the end of 2001 Show all calculations. Income Statement for the Present Year Net sales Coss Taxable income Taxes Net income $14,650 $12,103 $2,547 $866 $1,681 Cash Accounts receivable Inventory Total Net fixed assets Balance Sheet for the Present Year $525 Accounts payable $3.135 Notes payable $976 Total $4,636 Long-term debt $23,770 Common stock Retained earnings $28,406 Total liabilities and equity $1963 $2,618 $4,581 $6,600 $7,500 $9,725 $28,406 Total assets