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The most recent balance sheet and income statement for JPX (2020) is provided in the attached spreadsheet (sheet Q1). The target sales growth rate for 2021 is 15%. All spontaneous assets as well as spontaneous liabilities are expected to grow with sales. Assume the firm is operating at full capacity. Information on operating and financing assumptions are provided in the attached spreadsheet. Further, partially completed projected balance sheet and income statement for 2021 are also included. a) Using the percent sales method of financial forecasting, project the remaining balance sheet and income statement items for 2021 assuming any additional funds needed are obtained by issuing long-term debt. Estimate the Additional Financing Needs (AFN) for 2021? b) Estimate the free cash flows for 2021 c) Conduct a Dupont Analysis for 2021 U Operating and Financing Assumptions Sales Growth Tax Rate Payout Ratio Operating Income/Sales Cash/Sales AR/Sales Inventories/Sales Net Fixed Assets/Sales Acc Payable/Sales Accrual/Sales st of Borrowing for short and long term debt rce of External Financing -Plug item 15.00% 20.00% 40.00% 22.67% 2.12% 3.18% 6.14% 158.90% 9.53% 8.47% 14% Long Term Debt 2021 5,428 1,231 Income Statement 2020 Sales $ 4,720 $ Cost of Goods Sold $ 3,050 Selling General and Admin E: $ 200 Depreciation $ 400 EBIT $ 1,070 $ Interest Expense $ 350 Earnings Before Taxes $ 720 Net Income $ 576 Dvidends $ 230 Addition to Retained Earning: $ 346 A- Estimate AFN using Financial Forecasting Method B-Estimate Free Cash Flow to Firm in 2021 C- Conduct Du Pont Analysis for 2021 t Actual Projected 2020 2021 $ $ 100 $ 115.00 $ 150 $ 290 $ 333.50 $ 540 $ 7,500 $ 8,040 Balance Sheet Surplus Cash Cash Acc Receivable Inventory Total Current Assets Net Fixed Assets Total Assets Liab + Shareholder Equity Accounts Payable Accruals Notes Payable Total Current Liab Long Term Debt Common Stock Retained Earnings Total Liab +SE $ 450 400 $ 460.00 690 $ 690.00 1,540 2,000 3,050 $ 3,050.00 1,450 8,040 Proj Assets Proj Liab AFN The most recent balance sheet and income statement for JPX (2020) is provided in the attached spreadsheet (sheet Q1). The target sales growth rate for 2021 is 15%. All spontaneous assets as well as spontaneous liabilities are expected to grow with sales. Assume the firm is operating at full capacity. Information on operating and financing assumptions are provided in the attached spreadsheet. Further, partially completed projected balance sheet and income statement for 2021 are also included. a) Using the percent sales method of financial forecasting, project the remaining balance sheet and income statement items for 2021 assuming any additional funds needed are obtained by issuing long-term debt. Estimate the Additional Financing Needs (AFN) for 2021? b) Estimate the free cash flows for 2021 c) Conduct a Dupont Analysis for 2021 U Operating and Financing Assumptions Sales Growth Tax Rate Payout Ratio Operating Income/Sales Cash/Sales AR/Sales Inventories/Sales Net Fixed Assets/Sales Acc Payable/Sales Accrual/Sales st of Borrowing for short and long term debt rce of External Financing -Plug item 15.00% 20.00% 40.00% 22.67% 2.12% 3.18% 6.14% 158.90% 9.53% 8.47% 14% Long Term Debt 2021 5,428 1,231 Income Statement 2020 Sales $ 4,720 $ Cost of Goods Sold $ 3,050 Selling General and Admin E: $ 200 Depreciation $ 400 EBIT $ 1,070 $ Interest Expense $ 350 Earnings Before Taxes $ 720 Net Income $ 576 Dvidends $ 230 Addition to Retained Earning: $ 346 A- Estimate AFN using Financial Forecasting Method B-Estimate Free Cash Flow to Firm in 2021 C- Conduct Du Pont Analysis for 2021 t Actual Projected 2020 2021 $ $ 100 $ 115.00 $ 150 $ 290 $ 333.50 $ 540 $ 7,500 $ 8,040 Balance Sheet Surplus Cash Cash Acc Receivable Inventory Total Current Assets Net Fixed Assets Total Assets Liab + Shareholder Equity Accounts Payable Accruals Notes Payable Total Current Liab Long Term Debt Common Stock Retained Earnings Total Liab +SE $ 450 400 $ 460.00 690 $ 690.00 1,540 2,000 3,050 $ 3,050.00 1,450 8,040 Proj Assets Proj Liab AFN