Same Financial Statement for both questions!

24. Given the most recent financial statements for Activision Blizzard (FY2023). Sales for FY2024 are expected to grow by 5 percent. The following assumption must hold in the pro forma financial statements. The tax rate (percentage), the interest expense, and the dividend payout ratio (percentage) will remain constant. COGS, SGA, Depreciation and amortization, all current asset accounts, licensed content, NET PPE, and other assets increase spontaneously with sales. Calculate the pro forma value of accumulated retained earnings for FY24 if the firm operates at full capacity and no new debt or equity is issued.

25. Given the most recent financial statements for Activision Blizzard (FY2023). Sales for FY2024 are expected to grow by 5 percent. The following assumption must hold in the pro forma financial statements. The tax rate (percentage), the interest expense, and the dividend payout ratio (percentage) will remain constant. COGS, SGA, Depreciation and amortization, all current asset accounts, licensed content, NET PPE, and other assets increase spontaneously with sales. Calculate the external financing needed for the firm if the firm operates at full capacity and no new debt or equity is issued.

Income Statement	FY2023		Balance Sheet	FY2023
Sales	7,528		Cash	7060
COGS	3643		Marketable securities	4932
SGA	2109		Accounts Rec.	1204
Depreciation and Amort	106		Inventories	640
EBIT	1,670		Other Current Assets	633
Interest Expense	74		Total Current Assets	14469
EBT	1,596		Licensed content	641
Taxes	231		Net PPE	193
Net income	1,365		Other assets	12080
Retained Earn	998		Total Assets	27383
Dividends	367
			Accounts Payable	324
Price per share	$80.32		Deferred revenue	2088
Share Outstanding	786		Other Current Liabilities	1143
			Total Current Liabilities	3555
			Long-term debt	4585
			Total Liabilities	8140
			Common stock	6072
			Retained Earnings	13171
			Total Equity	19243
			Total Liab. And Equity	27383