Develop the Year 1 financial forecast (income statement, balance sheet and statement of cash flows) for Bennis Co. Revenue is projected at $800,000, with a gross margin of 40%. Operating expenses (including depreciation of $30,000) total 20% of revenue and taxes are estimated at 35% of pretax income. Bennis wants to maintain a cash balance of 3% of their cost of goods sold. Accounts receivable are 10% of sales and inventory is forecast to be 50 days (using CGS as a base, and using a 365 day year) . Fixed assets of $500,000 will be needed during the next year. Accounts payable days are forecast to be 30.

Note that this question is based on problem 7-4 from the homework with a few changes to the assumptions.

The total projected assets for Bennis Co at the end of year 1 is _______.

Please round your answer to the nearest dollar and omit commas and dollar signs (for example 124507.60 should be input as 124507).

Using the assumptions from Question 1: Assuming Bennis will be allequity financed, the required initial investment by the entrepreneur to ensure that no additional financing will be required during the next year is ____.

Please format your answer in 000's round and omit commas and dollar signs (for example 124507.60 should be input as 125).