what is the projected cash holdings for 2023?

An analyst is making projections for a firm for fiscal year 2023. He assumes debt and cash both as plugs. The analyst has the following information: - In 2022, the firm's sales are 1000 (in thousands) and has an accumulated depreciation of 100 (thousands). - Sales are expected to grow by 15% per year. - Gross Margin ((Sales-COGS)/Sales) will be 30% - 20% of earnings will be paid out as dividends. - Gross fixed assets are predicted to be 70% of sales - Fixed assets will be depreciated at 33% per year. - Current assets are predicted to be 15% of sales - Current liabilities are predicted to be 10% of sales - The firm relies on cash and debt financing to finance its operations. - Its interest rate on debt is 5% and interest income on cash is 3% - The firm faces 35% corporate income tax rates. - The firm's equity includes,stock (with a level of 400 in year 2022) and accumulated retained earnings (with a level of 100 in year 2022). - The firm's debt level is 400 in 2022. In this example: - Depreciation Expense (t)= Depreciation Rate * Gross Fixed Assets (t) - Interest Expense (t)= Interest rate on debt * Debt (t) - Interest Income (t)= Interest rate on cash * Cash (t) The firm's pro forma statements look like the following: Income Statement