Zieber Corporation's 2019 financial statements are shown below. Forecast Zeiber's 2020 income statement and balance sheets. Use the following assumptions: (1) Sales grow by 11.5%. (2) The ratios of expenses to sales, depreciation to fixed assets, cash to sales, accounts receivable to sales, and inventories to sales will be the same in 2020 as in 2019. (3) Zeiber will not issue any ney stock or ney long-term bonds. (4) The interest rate is 3% for short-term debt and 6.2% for long-term debt. (5) No interest is earned on cash. (6) Dividends grov at an 8% rate. (6) Calculate the additional funds needed (AFN). If ney financing is required, assume it will be raised as notes payable. Assume that any ney notes payable will be borrowed on the last day of the year, so there will be no additional interest expense for the nex notes payable. If surplus a. Vhat are the forecasted levels of notes payable or surplus funds? Key Input Data: Sales growth Tax rate Dividend growth rate S-Tra L-TI Used in the forecast 11.5% 21.07 8.07 3.0% this is the interest rate associated with short-term debt (notes payable) 6.2% this is the interest rate associated with long-term debt December 31 Income Statements: (in thousands of dollars) Note: Cells F32 & G32 are expense-to-sales ratios and stay constant from 2019 to 2020 Note: Cells F34 & G34 are Depreciation-to Fixed-Assets Ratios and stay constant from 2019 to 2020 Sales Expenses (excluding depr. & amort EBITDA Depreciation and Amortization EBIT Net Interest Expense EBT Tazes (217) Net Income Common dividends (regular divide Addition to retained earnings (DRI Forecasting 2019 2020 2020 2019 basis Ratios Inputs Forecast $455,150 Growth 11.50% +386.878 % of sales $68,273 $16,385 % of fixed assets $51,887 $6.800 Interest rate(s) : beginning of gear debt(s) $45,087 $9.468 $35.619 $12.554 Growth $23,065 Note: short-term liabilities (notes payble) and long-term debt each have their applicable interest rates. Two separate interest charges are added up here in Note: Cell G40 is your dividend growth rate 2019 Ratios 2020 Inputs 2020 Without AFN AFN Vith AFN December 31 Balance Sheets (in thousands of dollars) Forecastinc 2019 basis Assets: Cash $22.758 % of sales Accounts Receivable $72.824 % of sales Inventories $40.964 % of sales Total current assets $136.545 Fized assets $204.818 % of sales Total assets $341.363 Note: Column E Ratios are % of sales ratios and vill be the same as the Column F Inputs Note: Cell 160 is the only difference between Column Gand Column I. Cells H60 and 160 are both equal to the "Require additional notes Liabilities and equity Accounts payable $22.758 % of sales Accruals $31.861 % of sales Notes payable $10.000 Previous Total current liabilitie $64,618 Long-term debt $110.000 Previous Total liabilities $174,618 Common stock $60,000 Previous Retained Earnings $106.745 Previous + ARE Total common equity $166,745 Total liabilities and equ $341,363 Note: Cell H65 equals 'Surplus funds Note: 2020 Retained Earnings equals 2019 Retained Earnings plus 2020 Addition to RE $0.000 Total assets = Planned liabilities and equity = Additional funds needed (AFN) or (surplus) = Required additional notes payable = Surplus funds Zieber Corporation's 2019 financial statements are shown below. Forecast Zeiber's 2020 income statement and balance sheets. Use the following assumptions: (1) Sales grow by 11.5%. (2) The ratios of expenses to sales, depreciation to fixed assets, cash to sales, accounts receivable to sales, and inventories to sales will be the same in 2020 as in 2019. (3) Zeiber will not issue any ney stock or ney long-term bonds. (4) The interest rate is 3% for short-term debt and 6.2% for long-term debt. (5) No interest is earned on cash. (6) Dividends grov at an 8% rate. (6) Calculate the additional funds needed (AFN). If ney financing is required, assume it will be raised as notes payable. Assume that any ney notes payable will be borrowed on the last day of the year, so there will be no additional interest expense for the nex notes payable. If surplus a. Vhat are the forecasted levels of notes payable or surplus funds? Key Input Data: Sales growth Tax rate Dividend growth rate S-Tra L-TI Used in the forecast 11.5% 21.07 8.07 3.0% this is the interest rate associated with short-term debt (notes payable) 6.2% this is the interest rate associated with long-term debt December 31 Income Statements: (in thousands of dollars) Note: Cells F32 & G32 are expense-to-sales ratios and stay constant from 2019 to 2020 Note: Cells F34 & G34 are Depreciation-to Fixed-Assets Ratios and stay constant from 2019 to 2020 Sales Expenses (excluding depr. & amort EBITDA Depreciation and Amortization EBIT Net Interest Expense EBT Tazes (217) Net Income Common dividends (regular divide Addition to retained earnings (DRI Forecasting 2019 2020 2020 2019 basis Ratios Inputs Forecast $455,150 Growth 11.50% +386.878 % of sales $68,273 $16,385 % of fixed assets $51,887 $6.800 Interest rate(s) : beginning of gear debt(s) $45,087 $9.468 $35.619 $12.554 Growth $23,065 Note: short-term liabilities (notes payble) and long-term debt each have their applicable interest rates. Two separate interest charges are added up here in Note: Cell G40 is your dividend growth rate 2019 Ratios 2020 Inputs 2020 Without AFN AFN Vith AFN December 31 Balance Sheets (in thousands of dollars) Forecastinc 2019 basis Assets: Cash $22.758 % of sales Accounts Receivable $72.824 % of sales Inventories $40.964 % of sales Total current assets $136.545 Fized assets $204.818 % of sales Total assets $341.363 Note: Column E Ratios are % of sales ratios and vill be the same as the Column F Inputs Note: Cell 160 is the only difference between Column Gand Column I. Cells H60 and 160 are both equal to the "Require additional notes Liabilities and equity Accounts payable $22.758 % of sales Accruals $31.861 % of sales Notes payable $10.000 Previous Total current liabilitie $64,618 Long-term debt $110.000 Previous Total liabilities $174,618 Common stock $60,000 Previous Retained Earnings $106.745 Previous + ARE Total common equity $166,745 Total liabilities and equ $341,363 Note: Cell H65 equals 'Surplus funds Note: 2020 Retained Earnings equals 2019 Retained Earnings plus 2020 Addition to RE $0.000 Total assets = Planned liabilities and equity = Additional funds needed (AFN) or (surplus) = Required additional notes payable = Surplus funds