Questions 17-20 use the following Financial statements. Assume that COGS is always 70% of Sales, Interest Expense is always 10% of the previous years long term debt, Depreciation is always 20% of the previous years Net Fixed Assets, and taxes are always 40% of EBT.

2012 2013 2014 2015

Net Working Capital 1000 1000 1200 1300

Net Fixed Assets 1500 1600

Long Term Debt 2000 2040 2644

Total Equity 500 460 440 436

2012 2013 2014 2015

Sales xxx 2000 3500

COGS xxx 1400 2450

Depreciation xxx 300 300 320

EBIT xxx 300 730

Interest xxx 204 236

EBT xxx 494

Taxes xxx 120 198

NI xxx 296

Capital Expenditures 400 500

Dividends 100 200 300

You do not have to answer each question in order. Fill out the chart above first and then answer the questions. You do NOT need to try to figure out the 2012 Income Statement. There may be more than one way to find the answers

Choose the answer that is CLOSEST to the correct answer.

17. What is 2014 Sales?

a.1820 b. 2112 c. 2360 d. 2680

18. What is Additional Financing Needed in 2015?

a.176 b. 240 c. 284 d.324

19. What is Capital Expenditures in 2013?

a. 100 b. 200 c.300 d.400

20. What is the Fixed Asset Turnover in 2015?

1.5 b. 2 c. 2.5 d. 3