Excel Activity: forecasting finanoal Statements Start with the partal model in the file Cho9 p1o Build a Model.xtsx, which contains the 2021 financial statements of Zieher Corporation. Forecast Zieber's 2022 . income statement and balance sheets. Use the following assumptions: (1) 5ales grow by 7\%. (2) The ratios of expenses to sales, depreciation to fixed assets, Cash to sales, accounts receivable to sales, inventories to sales, foced assets to sales, accounts payable to sales, and accruals to sales will be the same in 2022 as in 2071 . ( 3 ) Zicber will not issee any new stock or new long-term bonds. (4) The interest rate is 12% for long-term debt, and the interest expense on long-term debe is based on the average balance during the yeac. (5) No interest is earned on cash, (6) Peegular dividends prow at a 10\% rate. (7) The tax rate is 25%. Colculate the additiocal funds needed (AFN). If new financing is required, assume it will be raised by drawing on a line of credit with an anterest rate of 13%. Assume that any draw on the line of credit will be made on the Last day of the year, so there will be no additional interest expense for the new line of credit. If surplus funds are available, pay a special dividend. The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below. Do nat rutind intermedate calculations. Enter your anwwers in thousands. For example, an answer of $1.23 thousand should be entered as 1.23, not 1.230. Round your answers to two decimal ploces. If your answer is zero, enter "0". X a. What are the forecasted levels of the line of credit and special dividends? (Hints: Create a column showing the ratios for the current year; then create a new column.showing the ratios used in the forecast. Also, create a preliminary forecast that doesn't include any new line of credit or special dividends. Identily the financing deficit or surplus in this preliminary forecast and then add a new column that shows the final forecast that includes any new line of credit or specal dividend.) Calculate the additional funds needed (AFN). If new financing is required, assume it will be raised by drowing on a line of credit with an interest rate of 13 the, AGsillie that any draw on the fine of credit will be made on the last day of the year, so there will be no additional interest expense for the new line of credit. If arplus funds ai available, pay a special dividend. The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below. Do not roul interrnediate calculations, Enter your answers in thousands. For example, an answer of $1.23 thousand should be entered as 1.73, not 1,230 , Round your answers to two decimal placas. If your answer is zero, enter " 0 ", X Powelond spreadsheet Cho9 810 tsuild a Model-te1985.xtsx a. What are the forecasted levels of the line of credit and special dividends? (Hints; Create a colurnn showing the ratios for the current year; then create a new column showing the ratios used in the forecast. Also, create a preliminary forecast that doesn't include any new line of credit or special dividends. Identily th financing deficit or surplas in thas preliminary forecast and then add a new colurn that shows the final forecast that includes any fon line af credit or specia dividendi) Required line of credit. Special dividends 55thousandthousand Excel Activity: forecasting finanoal Statements Start with the partal model in the file Cho9 p1o Build a Model.xtsx, which contains the 2021 financial statements of Zieher Corporation. Forecast Zieber's 2022 . income statement and balance sheets. Use the following assumptions: (1) 5ales grow by 7\%. (2) The ratios of expenses to sales, depreciation to fixed assets, Cash to sales, accounts receivable to sales, inventories to sales, foced assets to sales, accounts payable to sales, and accruals to sales will be the same in 2022 as in 2071 . ( 3 ) Zicber will not issee any new stock or new long-term bonds. (4) The interest rate is 12% for long-term debt, and the interest expense on long-term debe is based on the average balance during the yeac. (5) No interest is earned on cash, (6) Peegular dividends prow at a 10\% rate. (7) The tax rate is 25%. Colculate the additiocal funds needed (AFN). If new financing is required, assume it will be raised by drawing on a line of credit with an anterest rate of 13%. Assume that any draw on the line of credit will be made on the Last day of the year, so there will be no additional interest expense for the new line of credit. If surplus funds are available, pay a special dividend. The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below. Do nat rutind intermedate calculations. Enter your anwwers in thousands. For example, an answer of $1.23 thousand should be entered as 1.23, not 1.230. Round your answers to two decimal ploces. If your answer is zero, enter "0". X a. What are the forecasted levels of the line of credit and special dividends? (Hints: Create a column showing the ratios for the current year; then create a new column.showing the ratios used in the forecast. Also, create a preliminary forecast that doesn't include any new line of credit or special dividends. Identily the financing deficit or surplus in this preliminary forecast and then add a new column that shows the final forecast that includes any new line of credit or specal dividend.) Calculate the additional funds needed (AFN). If new financing is required, assume it will be raised by drowing on a line of credit with an interest rate of 13 the, AGsillie that any draw on the fine of credit will be made on the last day of the year, so there will be no additional interest expense for the new line of credit. If arplus funds ai available, pay a special dividend. The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below. Do not roul interrnediate calculations, Enter your answers in thousands. For example, an answer of $1.23 thousand should be entered as 1.73, not 1,230 , Round your answers to two decimal placas. If your answer is zero, enter " 0 ", X Powelond spreadsheet Cho9 810 tsuild a Model-te1985.xtsx a. What are the forecasted levels of the line of credit and special dividends? (Hints; Create a colurnn showing the ratios for the current year; then create a new column showing the ratios used in the forecast. Also, create a preliminary forecast that doesn't include any new line of credit or special dividends. Identily th financing deficit or surplas in thas preliminary forecast and then add a new colurn that shows the final forecast that includes any fon line af credit or specia dividendi) Required line of credit. Special dividends 55thousandthousand