Following are Louis Vuitton Corporation’s financial statements for the year 2021 (in millions).

Income Statement	2021 ($)	2020 ($)
Sales	47,716	40,343
Cost of goods sold	28,977	22,444
Gross profit	18,739	17,899
Selling, general and administrative expense	6,531	6,469
Depreciation and amortization expense	1,464	1,277
Interest expense	342	329
Income before tax	10,402	9,824
Income tax expense	3,121	3,002
Net income	7,282	6,822
Outstanding shares	2,976	2,968
Balance Sheet
Cash	3,288	4,255
Receivables	5,215	5,262
Inventories	3,579	3,022
Other current assets	880	1,059
Total current assets	12,961	13,598
Property, plant, and equipment	18,956	16,707
Accumulated depreciation	5,853	5,225
Net property, plant, and equipment	13,103	11,482
Other noncurrent assets	17,942	15,075
Total assets	44,006	40,155
Account payable and accrued liabilities	5,904	5,391
Short-term debt and current maturities of long-term debt	4,067	3,319
Income taxes payable	1,573	1,244
Total current liabilities	11,544	9,954
Deferred income taxes and other liabilities	11,614	11,768
Long-term debt	4,799	3,601
Total noncurrent liabilities	16,413	15,369
Common stock	30	30
Capital surplus	6,907	6,266
Retained earnings	31,500	27,395
Treasury stock	(22,387)	(18,858)
Shareholders’ equity	16,050	14,833
Total liabilities and equity	44,007	40,154

Using the following forecasted information for year 2022,

Sales growth	18.27%
Gross profit margin	39.27%
Selling, general and administrative expense	13.69%
Depreciation expense/Prior-year property, plant, and equipment (gross)	8.76%
Interest expense/Prior-year long-term debt	4.94%
Income tax expense/Pretax income	30.00%
Account receivable turnover (Sales/Account receivable)	9.15
Inventory turnover (Cost of goods sold/Inventory)	8.10
Accounts payable turnover (Cost of goods sold/Accounts payable)	4.91
Taxes payable/Tax expense	50.41%
Total assets/Stockholder’s equity (Financial leverage)	2.35
Dividends per share	$1.06
Capital expenditures/Sales	9.04%

Prepare a projected statement for the year ended 2022:

a. Income statement

b. Statement of Financial Position

c. Statement of Cash flow

d. Analyze the estimated cash balance

Answer rating: 100% (QA)

a Income Statement 2022 Sales 56417 Cost of goods sold 33565 Gross profit 22853 Selling general and administrative expense 8446 Depreciation and amort... View the full answer