You were given SkyBlue's 2020 income statement (IS) and balance sheet (BS), along with forecasts of the revenue growth and tax rates You must forecast the IS and BS for the next 3 years.

Actuall 2020 Projected 2021 2022 2023 Notes 3.3% 21% 3.4% 21% Income Statement Key Assumptions: Average growth rate: Tax Rate Net Sales - Cost of Goods Sold (COGS = Gross Profit - S.G & A Expenses = EBIT - Interest = EBT - Taxes = Net Income Balance Sheet Cash Notes and Acc. Rec. Inventory Prepaid Current Assets Other Total Assets 21% 4,233 2,700 1,533 1,199 334 77 257 54 203 3.5% 21% Use current statutory rate of 21% Increase using the average growth rate Use same percent of Net Sales as in 2018 Calculation Use same percent of Net Sales as in 2018 Calculation (Use for Free Cash Flow valuation!) Hold level Calculation Use implicit rate of 2018 Calculation Increase at average growth rate 230 664 715 65 1,674 102 1,776 Increase at average growth rate Plug to make balance sheet balance Increase at average growth rate Leave flat Increase at average growth rate Bank Loan Payables CPLTD Other Current Liabilities LTD Equity Total Liabilities & Equity 550 33 42 34 659 125 992 1,776 LTD of previous year minus CPLTD of current year Equity of previous year plus net income of current year Working Capital Exclude Bank Loan