Based on the below presented forecast please prepare estimation of financial reports and answer following questions:

• How much external capital is needed to keep end of year cash on the level of 1 500. If there is no need for external capital, please calculate how much dividends can be paid by the company in subsequent years (to answer the question please prepare forecasted P&L, Cash Flow Statements and Balance Sheets ?.

• Please calculate FCFF & FCFE using formulas ?

• What is the value of one share assuming that the WACC of the company equals 11% and after the year 2024 there will be no growth of FCFF (g=0). The company issued 1000 shares .

Balance Sheet

Assets

2020

Fixed assets	11 233
Current assets	17 466
Inventories	10 000
Accounts receivable	1 222
Cash	6 244
TOTAL	699

Liabilities and equity

2020

Stockholder's equity	17 554
Common stock	15 000
Capital surplus / Accum. Retain earning	1 233
Net incom	1 321
Liabilities	11 145
Long-term debt	10 000
Accounts payable	1 145
Total liabilities and stockholder's equity	28 699

Forecast	2021F	2022F	2023F	2024F
Planned operating revenues	20 000	25 000	25 000	30 000
Cost of goods sold	8 000	10 000	10 000	12 000
Selling costs	1 600	2 000	2 000	2 200
Accounts payable (expected closing balance)	2 000	2 200	2 250	2 300
Planned account receivable ratio in days	30	30	30	30
Planned inventories as % of revenue	5%	6%	5%	5%
Acquisition of fixed assets	11 000	5 000	5 000	3 000
Proceeds from new long-term debt		2 500		2 500
Repayment of debt (includes notes)	2 500	2 500	2 500	2 500
Proceeds from new stock issue
Dividends	1 000	1 000	1 000	1 000
General, and administrative expenses	4 400	4 700	4 700	4 700
Other income		1 220
Depreciation	2 000	5 000	4 000	3 000
Interest expense	600	500	400	300
Tax rate	20%	20%	20%	20%