Table 3.5 presents a computer spreadsheet for estimating R&E Supplies' external financing required for 2015. The text mentions that, with modifications to the equations for equity and net sales, the forecast can easily be extended through 2016. Write the modified equations for equity and net sales.

Planning Future Fmanca rg with a Computer Spreadsheet: P Supplies, Inc., Decen 92 Part Twa Part Two Planning Future Financi TABLE 3.5 Forecasting with a es, Inc, December 31, 2015 (S thousands) 2015 2014 Actua $20,613 25.0% 86.0% 12.0% $660 $100 10.0% 45.0% 50.0% 29.0% $280 14.5% Year 3 Net sales 4 Growth rate in net sales 5 Cost of goods soldet sales Gen, sell, and admin. expenseset sales Long-term debt S 760 100 Current portion long-term debt 9 Interest rate 10 Tax rate Dividend/earnings after tax 12 Current assetset sales 13 Net fixed assets 14 Current liabilitieset sales 15 Owners' equity $1,730 Forecast 2016 16 INCOME STATEMENT Forecast Equations 2015 $25,766 22,159 3,607 3,092 2015 18 Year -B3 B3*C4 =C5"C19 =C19-C20 C6*C19 C40) 285 19 Net sales 20 Cost of goods sold 21 Gross profit C6C19 22 Gen., sell., and admin. exp. 23 Interest expense -C9*(C7 C8 C40) - C21 C22 C23 -C10*C24 =C24-C25 24 Earnings before tax C24 C25 C11 *C26 128 156 78 78 26 Earnings after tax 27 Dividends paid 30 BALANCE SHEET 32 Net fixed assets 28 Additions to retained earnings -C26 C27 29 31 Current assets =C12*C19 =C31 + C32 C14*C19 =B15 + C28 7,472 280 7,752 33 Total assets C13 34 35 Current liabilities 36 Long-term debt 37 Owner's equity 3,736 660 1,808 6,204 C7 38 Total liabilities and owners' 39 equity 40 EXTERNAL FUNDING REQUIRED -C35+ C36 C37 = C33-C38 $ 1,548