90 Part Two Planning Fiahure Financial Performance TABLE 3.5 Forecasting with a Spreadsheet: Pro Forma Financial Forecast for R&E Supplies, Inc.. December 31,2018 (S thousands) 2018 2019 2017 Actual $20,613 Year 3 Net sales 4 Growth rate in net sales 5 Cost of goods soldet sales 6 Gen sell., and admin, expenseset sales 7Long-term debt 8 Current portion long-term debt 9 Interest rate 10 Tax rate 11 Dividend/earnings after tax 25.0% 86.0% 12.0% $660 $100 10.0% 45.0% 50.0% 29.0% s 760 $ 100 Current assetset sales 13 Net fixed assets 14 Current liabilitieset sales $280 14.5% 16 INCOME STATEMENT Equations Forecast Forecast 2018 2018 2019 19 Net sales 20 Cost of goods sold 21 Gross profit 22 Gen., sell, and admin. exp. 23 Interest expense 24 Earnings before tax B34 B3104 C5"? 19 $25,766 22,159 3.607 3,092 231 285 128 156 78 78 =C19-C20 C6C19 C9C7+ C8+C40) - C21-C22 - C23 Tax 26 Earnings after tax 27 Dividends paid 28 Additions to retained earnings ? 10"C24 C24-C25 C11 C26 C26-C27 30 BALANCE SHEET 31 Current assets 32 Net fixed assets 33 Total assets C12"C19 C13 7.472 280 752 -C31+C32 35 Current liabilities 36 Long-term debt 37 Owners' equity 38 Total liabilities and owners C14'C19 B15 + C28 C35 + C36 + C37 3,736 660 1,808 6,204 equity 40 EXTERNAL FUNDING REQUIRED - C33-C38 $ 1,548