3. Fleury, Inc. is preparing pro-forma financial statements for 20X1. A junior analyst has begun the work. You are asked to complete the statements (see the income statement and balance sheet below). Sales are projected to grow at 25%. All expenses except interest expense is forecasted to remain a constant percent of sales based on 20X0 actuals. Interest expense is expected to grow 20% in 20X1. Assets are also forecasted to remain as a constant percent of sales based on 20X0 actuals. Short-term notes payable and common stock will remain constant. Long-term debt is the plug variable. Complete the balance sheet below. What will the Total Debt Ratio be at the end of 20X1? Net Sales Cost of Goods Sold Other Expenses Earnings before Interest & Taxes Interest Expense Taxable Income Taxes Net Income Dividends Transfer to Retained Earnings Sales Growth Rate Income Tax Rate Dividend Payout Retention Ratio Income Statement ROA ROE Internal Growth Rate (20X1) Sustainable Growth Rate (20X1) $ GA GA GA GA $ $ $ $ $ $ LA LA LA LA $ $ $ Dollars 20X0 20X1 743,000 $ 928,750 (578,000) $ (722,500) (15,200) $ (19,000) 149,800 $ 187,250 (13,440) 173,810 (60,834) 112,977 (33,893) 79,084 (11,200) $ 138,600 $ (48,510) $ 90,090 $ (27,027) $ 63,063 $ 35.00% 30.00% 70.00% 19.90% 34.82% 16.18% 32.23% 25.00% 35.00% 30.00% 70.00% % of Sales 20X0 100.00% 77.79% 2.05% 20.16% 6.53% 12.13% Current Assets: Cash Accounts Receivable Inventories Total Current Assets Fixed Assets Net PPE Total Assets Current Liabilities: Accounts Payable Notes Payable Total Current Liabilities Long-term Liabilities: Long-term Debt Total Liabilities Stockholder's Equity: Common Stock & PIC Retained Earnings Total Stockholder's Equity Total Liabilities & Equities Total Debt Ratio Balance Sheet $ $ $ $ Dollars $ $ $ 20X0 20,240 $ 25,300 32,560 $ 40,700 69,520 $ 86,900 122,320 $ 152,900 $ 330,400 $ 413,000 $452,720 $ 565,900 54,400 $ 13,600 $ 68,000 $ 20X1 $ 126,000 $ 194,000 42.85% 68,000 13,600 81,600 $ 112,000 $ 112,000 $ 146,720 $ 258,720 $452,720 $ 565,900 % of Sales 20X0 2.72% 4.38% 9.36% 16.46% 44.47% 7.32%