The Cambridge Cartage Company has partially completed its forecast of next year€™s financial statements as follows.

The firm pays interest at 10% on all borrowings and pays a combined state and federal tax rate of 40%. Complete the forecast income statement and balance sheet. Begin by guessing at interest expense as 10% of beginningdebt.

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Cambridge Cartage Company Financial Plan (Sooo) BALANCE SHEET INCOME STATEMENT Next Year Next Year Beginning Ending Revenue Cost/expenses 14,120 Total assets EBIT Interest EBT $17,220 ASSETS $12,540 $18,330 S 3,100 LIABILITIES & EQUITY Current liabilities Debt $ 410 680 Equity 5,630 6,500 EAT Total L&E $12,540 $18,330