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Year 2014 Actual 2015 2016 Net sales $20,613 Growth rate in net sales 13.8% 12.0% Cost of goods sold / net sales 78.0% 82.0% Gen.,

Year

2014 Actual

2015

2016

Net sales

$20,613

Growth rate in net sales

13.8%

12.0%

Cost of goods sold / net sales

78.0%

82.0%

Gen., sell., and admin. expenses/net sales

12.0%

12.0%

Long-term debt

$760

$660

$560

Current portion long-term debt

$100

$100

$100

Interest rate

10.0%

10.0%

Tax rate

45.0%

25.0%

Dividend / earnings after tax

25.0%

30.0%

Current assets / net sales

29.0%

31.0%

Net fixed assets

$280

$300

Current liabilities except current portion long-term debt /net sales

14.5%

16.0%

Owners' equity

$1,730

INCOME STATEMENT

Forecast

Forecast

Year

2015

2016

Net sales

$23,458

Q4

Cost of goods sold

Q1

21,543

Gross profit

$5,161

$4,729

Gen., sell., and admin. exp.

2,196

2,585

Interest expense

76

66

Earnings before tax

2,889

2,078

Tax

1,300

519

Earnings after tax

Q2

$1,558

Dividends paid

$397

Q5

Additions to retained earnings

$1,192

$1,091

BALANCE SHEET

Current assets

$6,803

$8,144

Net fixed assets

Q3

300

Total assets

$7,083

$8,444

Current liabilities except current portion long-term debt

$3,401

$4,204

Current portion long-term debt

100

100

Long-term debt

660

560

Owner's equity

2,922

2,283

Total liabilities and owners' equity

$7,083

Q6

EXTERNAL FUNDING REQUIRED

$0

$1,298

*FIND Q1-Q6*

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