Solved by verified expert :1. The FINC 5000 Associates Corporation (FAC) has begun selling a new product and they want you to help them with next year’s pro forma financial statements. Using the worksheet below, complete the company’s forecast.Assumptions:To begin with, FAC is sure sales will grow 20% next year. Assume that is true. Then assume that COGS, Current Assets, and Current Liabilities all vary directly with Sales (that means if sales grows a certain percentage, then the account in question will grow by that same percentage). Assume that fixed expenses will remain unchanged and that $2,000 worth of new Fixed Assets will be obtained next year. Lastly, the current dividend policy will be continued next year.FINC 5000 Associates CorporationFinancial ForecastEstimatedThis year for next yearSales $10,000 ________COGS 4,000 ________Gross Profit 6,000 ________Fixed Expenses 3,000 ________Before Tax Profit 3,000 ________Tax @ 33.3333% 1,000 ________Net Profit $2,000 ________Dividends $0 ________Current Assets $25,000 ________Net Fixed Assets 15,000 ________Total Assets $40,000 ________Current Liabilities $17,000 ________Long term debt 3,000 ________Common Stock 7,000 ________Retained Earnings 13,000 ________Total Liabs & Eq $40,000 ________(AFN) = ________
Expert answer:The FINC 5000 Associates Corporation (FAC) has beg
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