Suppose that Gyp Sum Industries currently has the balance sheet shown below, and that sales for the year just ended were $10 million. The firm also has a profit margin of 25 percent, a retention ratio of 30 percent, and expects sales of $8 million next year. Assets Liabilities and Equity Current assets $ 2,000,000 Current liabilities $ 1,500,000 Fixed assets 4,000,000 Long-term debt 1,500,000 Equity 3,000,000 Total assets $ 6,000,000 Total liabilities and equity $ 6,000,000