A B D E G H 5 Zieber Corporation's 2012 financial statements are shown below. Forecast Zeiber's 2013 income 6 statement and balance sheets. Use the following assumptions: [1) Sales grow by 6%. 8 (2) The ratios of expenses to sales. depreciation to fized assets, cash to sales, accounts 9 receivable to sales, and inventories to sales will be the same in 2013 as in 2012. 0 (3) Zeiber will not issue any new stock or new long-term bonds. 11 (4) The interest rate is 9% for short-term debt and 11% for long-term debt. 12 (5) No interest is earned on cash. 13 [6) Dividends grow at an 8% rate. 14 Calculate the additional funds needed [AFN). If new financing is required, assume it will be raised 15 as notes payable. Assume that any new notes payable will be borrowed on the last day of the 16 gear. so there will be no additional interest expense for the new notes payable. If surplus funds 17 18 a. What are the forecasted levels of notes payable and special dividends? 19 Key Input Data: Used in the 20 Forecast 21 Tax rate 10X 22 Dividend growth rate 23 S-T TA 9% 24 L-Tra 11% 25 Sales growth rate 6% 26 27 December 31 Income Statements: 28 [in thousands of dollars] Find 23 Forecasting 2019 2020 2020 30 2019 basis Ratios Inputs Forecast 31 Sales $455.150 Growth 6.00% 32 Expenses [excluding depr. & amort. $386,878 X of sales 0.00% 33 EBITDA $68.273 34 Depreciation and Amortization $14.565 % of fixed assets 0.00% Is =Careful! D&A depend or 35 EBIT $53.708 36 Net Interest Expense $11.880 Interest rate z beginning of gear debt 37 EBT $41828 38 Tazes (40%) $16.731 Tag rate = 40 0% 39 Net Income $25.097 40 Common dividends (regular dividen $12.554 Growth 0.00% 41 Special dividends