use the pro forma statements and AFN formula

4. Lakeside Jet Ski has the following financial statements as of December 31, 2004 Claims Income Sales Operating Costs 45,000 Acts Receivable EBIT Interest EBT Taxes (40%) NI Dividends (20%) 1,200 Total Assets Assets 9,000 6,000 60,000 Cash 6,000 Acts Payable 12,000 Accruals 15,000 Inventories 5,000 Current Assets 10,000 Net Fixed Assets 90,000 L-T Debt 4,000 6,000 24,000 42,000 Current Liabilities 15,000 50,000 Common Stock50,000 Retained Earnings 17,000 132,000 Total Claims 132,000 The company is experiencing a high rate of growth due to the introduction of some new products. The company expects sales to grow 25% in 2005. Determine additional funds needed using the percent of sales method to develop pro forma financial statements for 2005, Use an interest rate of 10% on the balance of debt at the beginning of the year. Assume assets, spontaneous liabilities, and operating costs increase by the same percentage as sales