Question: Please complete Problem 2 (Ignore the last sentence in the directions - balance the balance sheet with current assets)question is in the attachment 2. The

Please complete Problem 2 (Ignore the last sentence in the directions

Please complete Problem 2 (Ignore the last sentence in the directions - balance the balance sheet with current assets)question is in the attachment

- balance the balance sheet with current assets)question is in the attachment

2. The Cambridge Cartage Company has partially completed its forecast of next year's financial statements as follows: Cambridge Cartage Company Financial Plan ($000) Income Statement Balance Sheet Next Year Next Beginning Ending Year Revenue $17,220 ASSETS Cost/expenses 14,120 Total assets $12,540 $18,330 EBIT $ 3,100 LIABILITIES & EQUITY Interest .J Current liabilities $ 410 $ 680 EBT Debt 5,630 ? Tax Equity 6,500 Net income ? Total L&E $12,540 $18,330 The firm pays interest at 10% on all borrowings and pays a combined state and federal tax rate of 40%. Complete the forecast income statement and balance sheet. Begin by guessing at interest expense as 10% of beginning debt

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