please add cell formulas..thank you

Problem 4.4 (slightly revised): The financial statements for R&E Supplies over the period 2014 through 2017 and forecasted for 2018 for R&E Supplies are given below. Go to the bottom of the balance sheet and answer the questions given there. R&E Supplies, Inc. Income Statements 2014 2015 2016 2017 $11,190 $13,764 $16,104 $20,613 $9,400 $11,699 $13,688 $17,727 $1,790 $2,065 $2,416 $2,886 2018F 25766 22159 $3,607 10 Net sales Cost of goods sold 11 Gross profit 12 Expenses: 13 General, selling, and administrative (SG&A) expenses 14 Net interest expense 15 Earnings before tax Tax 17 Earnings after tax 18 Dividends paid Additions to retained earnings $3,092 #REF! #REF! $1,019 $1,239 $1,610 $2,267 $100 $103 $110 $90 $671 $723 $696 $529 $325 $238 $369 $398 $383 $291 $185 $199 $192 $146 $185 $199 $192 $146 $302 $313 $128 #REF! #REF! #REF! $771 $826 $806 $619 21 Supplemental figures: 22 Earnings before interest and taxes Interest rate (%) Tax rate (%) Dividend pay out ratio (%) 26 $515 10.0% 45.0% 50.0% 24 45.0% 50.0% 45.0% 50.0% 45.0% 50.0% 45.0% 50.0% 27 Balance Sheets 28 Assets 29 Current assets: 30 Cash and securities 31 Accounts receivable 32 Inventories Prepaid expenses 34 Total current assets 35 Net fixed assets Total assets 37 Liabilities and Owners' Equity 39 Current Liabilities: 40 Bank loan 41 Accounts payable 42 Current portion long-term debt 43 Accrued wages Total current liabilities $671 $551 $644 $412 $1,343 $1,789 $2,094 $2,886 $1,119 $1,376 $1,932 $2,267 $14 $12 $15 $18 $3,147 $3,728 $4,685 $5,583 $128 $124 $295 $287 $3,275 $3,852 $4,980 $5,870 $7,472 $280 $7,752 $50 $50 $50 $50 $1,007 $1,443 $2,426 $3,212 $60 $50 $50 $100 $5 $7 $10 $18 $1,122 $1,550 $2,536 $3,380 $3,736 45 $150 48 46 Long-term debt $960 $910 $860 $760 #REF! 47 Common stock $150 $150 $150 $150 Retained earnings $1,043 $1,242 $1,434 $1,580 #REF! 49 Total liabilities and owners' equity $3,275 $3,852 $4,980 $5,870 #REF! 50 *Estimate 51 52 Supplemental figures: 53 Interest-bearing debt $1,070 $1,010 $960 $910 #REF! Owners' equity $1,193 $1,392 $1,584 $1,730 #REF! 55 Invested capital $2,263 $2,402 $2,544 $2,640 #REF! 56 Principal payment NA $60 -$50 $50 57 INSTRUCTIONS: a. In the space provided, calculate R&E's sustainable growth rate in each year from 2015 through 2018 and the "levers of growth". 54 59 DO 2014 2015 2016 2017 2018) 64 61 Ratio (formatting) 62 Sustainable growth rate 13 Profit margin, P (%) Retention ratio, R (X) 65 Asset turnover, A (x) Financial leverage, T-hat (x) Sustainable growth rate Actual growth in Sales 66 67 70 b. Comparing the company's sustainable growth rate with its actual and projected (for 2018) growth 71 rates in sales over these years, what growth management problems does R&E appear to face over 72 this period? 74 76 c. How did the company cope with these problems? Do you see any difficulties with the way it addressed its growth problems over this period? If so, what are they? 78 81 B3 d. What advice would you offer management regarding managing future growth? 34 89 90 92 93 94 95 Problem 4.4 (slightly revised): The financial statements for R&E Supplies over the period 2014 through 2017 and forecasted for 2018 for R&E Supplies are given below. Go to the bottom of the balance sheet and answer the questions given there. R&E Supplies, Inc. Income Statements 2014 2015 2016 2017 $11,190 $13,764 $16,104 $20,613 $9,400 $11,699 $13,688 $17,727 $1,790 $2,065 $2,416 $2,886 2018F 25766 22159 $3,607 10 Net sales Cost of goods sold 11 Gross profit 12 Expenses: 13 General, selling, and administrative (SG&A) expenses 14 Net interest expense 15 Earnings before tax Tax 17 Earnings after tax 18 Dividends paid Additions to retained earnings $3,092 #REF! #REF! $1,019 $1,239 $1,610 $2,267 $100 $103 $110 $90 $671 $723 $696 $529 $325 $238 $369 $398 $383 $291 $185 $199 $192 $146 $185 $199 $192 $146 $302 $313 $128 #REF! #REF! #REF! $771 $826 $806 $619 21 Supplemental figures: 22 Earnings before interest and taxes Interest rate (%) Tax rate (%) Dividend pay out ratio (%) 26 $515 10.0% 45.0% 50.0% 24 45.0% 50.0% 45.0% 50.0% 45.0% 50.0% 45.0% 50.0% 27 Balance Sheets 28 Assets 29 Current assets: 30 Cash and securities 31 Accounts receivable 32 Inventories Prepaid expenses 34 Total current assets 35 Net fixed assets Total assets 37 Liabilities and Owners' Equity 39 Current Liabilities: 40 Bank loan 41 Accounts payable 42 Current portion long-term debt 43 Accrued wages Total current liabilities $671 $551 $644 $412 $1,343 $1,789 $2,094 $2,886 $1,119 $1,376 $1,932 $2,267 $14 $12 $15 $18 $3,147 $3,728 $4,685 $5,583 $128 $124 $295 $287 $3,275 $3,852 $4,980 $5,870 $7,472 $280 $7,752 $50 $50 $50 $50 $1,007 $1,443 $2,426 $3,212 $60 $50 $50 $100 $5 $7 $10 $18 $1,122 $1,550 $2,536 $3,380 $3,736 45 $150 48 46 Long-term debt $960 $910 $860 $760 #REF! 47 Common stock $150 $150 $150 $150 Retained earnings $1,043 $1,242 $1,434 $1,580 #REF! 49 Total liabilities and owners' equity $3,275 $3,852 $4,980 $5,870 #REF! 50 *Estimate 51 52 Supplemental figures: 53 Interest-bearing debt $1,070 $1,010 $960 $910 #REF! Owners' equity $1,193 $1,392 $1,584 $1,730 #REF! 55 Invested capital $2,263 $2,402 $2,544 $2,640 #REF! 56 Principal payment NA $60 -$50 $50 57 INSTRUCTIONS: a. In the space provided, calculate R&E's sustainable growth rate in each year from 2015 through 2018 and the "levers of growth". 54 59 DO 2014 2015 2016 2017 2018) 64 61 Ratio (formatting) 62 Sustainable growth rate 13 Profit margin, P (%) Retention ratio, R (X) 65 Asset turnover, A (x) Financial leverage, T-hat (x) Sustainable growth rate Actual growth in Sales 66 67 70 b. Comparing the company's sustainable growth rate with its actual and projected (for 2018) growth 71 rates in sales over these years, what growth management problems does R&E appear to face over 72 this period? 74 76 c. How did the company cope with these problems? Do you see any difficulties with the way it addressed its growth problems over this period? If so, what are they? 78 81 B3 d. What advice would you offer management regarding managing future growth? 34 89 90 92 93 94 95