Instructions belov in red. Chapter 6 Problem 16 Below are the 2017 financial statements for Aquatic Supplies Co and the 5-year forecasts. (Be sure to enable iterative calculations to avoid circularity issues. AQUATIC SUPPLIES CO. INCOME STATEMENT ($ millions) 2017 Assumptions BALANCE SHEET($ millions) 2017 Assumptions 2018 2019 2020 2021 2022 2022 Formulas 2018 2019 2020 2021 2022 2022 Formulas Sales $582.762 Cost of Goods Sold 240.828 Gross Profit 341.934 Selling, General, & Administrative Exper 257.507 EBITDA 84.427 Depreciation & Amortization 25.221 Operating Profit (EBIT) 59.206 Interest Income 16.430 Interest Expense 16.430 Pretax Income 42.776 Total Income Taxes 14.971 Net income $27.805 F 12.00% growth in sales $652.693 $731.017 39.00% percentage of sales 254.550 285.096 398.143 445.920 49.00% percentage of sales! 319.820' 358.198" 78.323 87.722 30.00% percentage of net PP&E 29.371 32.896 48.952 54.826 10.00% % of cash & equivalents 1.500 1.500 10.00% % of long-term debt 18.740 18.640 31.712 37.686 35.00% % of pretax income 11.099 13.190 $20.613 $24.496 $818.739 $916.987 $1,027.026 =H7(1+$C$7) 319.308 357.625 400.540 =17'$C$8 499.431 559.362 626.486 =17-18 401.182' 449.324' 503.243 =17" $C$10 98.249 110.038 123.243 =19-110 36.843 41.264 46.216 = $C$12T14 61.405 68.774 77.027 = 111-112 1.500 1.500 1.500 = ($C$15'T8) 18.378 17.922 17.240 =($C$15'T25) 44.528 52.352 61.287 = 113+114-115 15.585 18.323 21.451 = 116' $C$17 $28.943 $34.029 $39.837 =116-117 ASSETS Cash & Equivalents Account Receivable Inventories Prepaid Expenses Other Current Assets Total Current Assets Net Property, Plant, & Equipment Intangible Assets Other Assets TOTAL ASSETS 2.00% 13.00% 5.00% no change 6.00% $7.152 70.538 39.033 9.339 27.076 153.138 81.648 9.415 24.642 $268.843 percentage of sales $15.00 $15.00 $15.00 $15.00 $15.00 =IF(T39