User Project 2023 - 2025 Income Statement and Balance Sheet. Assumptions: Sales growth rates in each of next 3 years: 26%, 33%, 44% Operating expenses/sales percentage stay at 2022 level Cost of goods sold as % of sales stays at 2022 level for 2023 and then improves (goes down!) by .05 in 2024 and by another .03 in 2025 40% tax rate on Earnings Before Taxes No new stock issued Interest expense fixed at $400 / year Bank loan and LT debt stay constant 2023 A/R days = year 2022 days, then decrease by 3 days in 2024