The $2023$ financial statements for Highbury Enterprises have been posted to Moodle. Use this

spreadsheet to complete the assignment. The CFO for Highbury wants to plan for $2024$ and, to

do so$,$ requires the $2024$ forecasted financial statements. Highbury uses the percentage of

sales method. Assumptions are provided below:

$$ Sales growth is forecasted to be $15\%$

$$ Most of the percentage of sales ratios are expected to remain at their $2023$ values.

However, given increases in raw materials, Highbury expects the $2024$ percentage of

sales for cost of goods sold to be $74\%.$ Inventory is expected to be $11\mathrm{.}3\%$ of sales and

accounts payable are expected to be $12\%$ of sales.

$$ As Highbury is not at full capacity yet, they have determined that the only change to net

fixed assets will be an increase of $$19,650.$

$$ Highbury$$s expected tax rate is $25\%.$

$$ Highbury$$s dividend policy is to increase dividends by $5\%$ per year.

To complete the forecasted financial statement, use a new account on the balance sheet for

the additional fund needed. Note...do not just plop this at the bottom of the balance sheet.

Put this account in an appropriate place on the balance sheet.