Tim's Mocha expects sales to grow by 7% next year. Assume that Tim's pays out 80% of its net income. Use the following statements and the percent of sales method to forecast: a. Stockholders' equity b. Accounts payable

Answer by filling in the blanks. Round to the nearest dollar.

Income Statement	This Year	Forecast
Sales	$400,000
- Costs Except Depreciation	300,000
EBITDA	100,000
- Depreciation	40,000
EBIT	60,000
- Interest Expense (net)	1,600
Pretax Income	58,400
- Income Tax (35%)	23,360
Net Income	$35,040

Balance Sheet	This Year	Forecast
Assets
Cash and Equivalents	$8,000
Accounts Receivable	32,000
Inventories	12,000
Total Current Assets	52,000
Property, Plant and Equipment	48,000
Total Assets	$100,000
Liabilities and Equity
Accounts Payable	$36,000	?
Debt	16,000
Total Liabilities	52,000
Stockholders' Equity	48,000	?
Total Liabilities and Equity	$100,000