This spreadsheet assignment is a continuation of the spreadsheet assignment given in Chapter 3. If you completed that assignment, you have a head start on this one. Refer back to part (1) of the Cumulative Spreadsheet Analysis assignment in Chapter 3. Clearly state any additional assumptions that you make.

Skywalker wishes to prepare a forecasted balance sheet and a forecasted income statement for 2012. Use the financial statement numbers for 2011 [given in part (1) of the Cumulative Spreadsheet Analysis assignment in Chapter 3] as the basis for the forecast, along with the following additional information.

(a) Sales in 2012 are expected to increase by 40% over 2011 sales of $2,100.
(b) In 2012, Skywalker plans to acquire new property, plant, and equipment for $240.
(c) The $480 in operating expenses reported in 2011 breaks down as follows: $15 depreciation expense and $465 other operating expenses.
(d) No new long-term debt will be acquired in 2012.
(e) No cash dividends will be paid in 2012.
(f) New short-term loans payable will be acquired in an amount sufficient to make Skywalker’s current ratio in 2012 exactly equal to 2.0.
(g) Skywalker does not plan to repurchase any additional shares of stock in 2012.
(h) Because changes in future prices and exchange rates are impossible to predict, Skywalker’s best estimate is that the balance in accumulated other comprehensive income will remain unchanged in 2012.
(i) Assume that investment securities, long-term investments, other long-term assets, and intangible assets will increase at the same rate as sales (40%) in 2012.
(j) In the absence of more detailed information, assume that other long-term liabilities will increase at the same rate as sales (40%) in 2012.