The management of Coker Corp. is doing a quick forecast of 20X9 using the modified percentage of sales method in preparation for a more detailed planning exercise later in the month. The estimate is to assume a 9% growth in sales. All other line items are to be assumed to grow at the same rate except for fixed assets which is projected to increase by $73,000 due to an expansion program already underway. Approximate financial statements for the current year, 20X8, and a planning worksheet are shown below. The firm pays 10% interest on all of its debt. Assume the tax rate is a flat 25%. There are no plans for dividends or the sale of additional stock next year. Make a forecast of Coker's complete income statement and balance sheet. Enter your answers in thousands. For example, an answer of $12 thousands should be entered as 12, not 12,000. (Hints: The easiest way to grow a number by 9% is to multiply it by 1.09 rather than taking 9% and adding. Do not grow subtotals. For example, to grow revenue and COGS by 9%, round each to the nearest thousand and subtract for gross margin. Don't grow interest, debt, or equity; use the debt/interest iteration technique.) Round your answers to the nearest whole thousand. Enter all amounts as a positive numbers. Show calculations for iteration.

Coker Corp.
Current and Projected Income Statements ($000)
		20X8		20X9
Revenue		$696		$
COGS		217
Gross Margin		$479		$
Expenses		113
EBIT		366
Interest (10%)		30
EBT		$336		$
Inc Tax (25%)		84
Net Income		$252		$

Coker Corp.
Current and Projected Balance Sheets ($000)
ASSETS						LIABILITIES & EQUITY
		20X8		20X9				20X8		20X9
C/A		$159		$		C/L		$ 89		$
F/A		520				Debt		377
Total		$679		$		Equity		213
						Total		$679		$