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Excel Activity: Forecasting Financial Statements Morrissey Technologies inc.'s 2021 financial statements are shown here. Morrissev Technologies Inc.: Balance Sheet as of December 31, 2021 Morrissey Technologies Inc.: Income Statement for December 31, 2021 Suppose that in 2022 , saies increase by 12% over 2021 sales. The firm currently has 100,000 shares outstanding. It expects to maintain its 2021 dividend payout ratio and believes that its assets should grow at the same rate as sales. The firm has no excess capacity, However, the firm would ike to reduce is operating costs/sales ratio to 87,5% and increase its total fabilities-to-assets ratio to 35%. (It believes its liablities-to-3ssets ratio currentiy is too low relativi to the industry average.) The firm will rase 20% of the 2022 forecasted interest-bearing dobt as notes payable, and it will issue long-term bonds for the remainder. The firm forecasts that its before-tax cost of debe (which includes both short- and long-term debt) is 12.5%. Assume that any common stock istuances or repurchases can be made at the fiem's current stock price of $37. The data has been collected in the Microsoft Excel file below. Downlood the spreadsheet and perform the required analysis to answer the questions beiow. Do not. round intermedute calculations. a. Construct the forecasted financial statements assuming that these changes are made. What are the firm's forecasted notes payable and iong-term debt batances? What is the forecasted addition to retained earnings? Round your answers to the nearest cent. n sales wil the addibaral feckeing requlemerti ter b. If the preht margin rensins at 6.25% and the dovidend payout ratio remains at 60%, af what places Excel Activity: Forecasting Financial Statements Morrissey Technologies inc.'s 2021 financial statements are shown here. Morrissev Technologies Inc.: Balance Sheet as of December 31, 2021 Morrissey Technologies Inc.: Income Statement for December 31, 2021 Suppose that in 2022 , saies increase by 12% over 2021 sales. The firm currently has 100,000 shares outstanding. It expects to maintain its 2021 dividend payout ratio and believes that its assets should grow at the same rate as sales. The firm has no excess capacity, However, the firm would ike to reduce is operating costs/sales ratio to 87,5% and increase its total fabilities-to-assets ratio to 35%. (It believes its liablities-to-3ssets ratio currentiy is too low relativi to the industry average.) The firm will rase 20% of the 2022 forecasted interest-bearing dobt as notes payable, and it will issue long-term bonds for the remainder. The firm forecasts that its before-tax cost of debe (which includes both short- and long-term debt) is 12.5%. Assume that any common stock istuances or repurchases can be made at the fiem's current stock price of $37. The data has been collected in the Microsoft Excel file below. Downlood the spreadsheet and perform the required analysis to answer the questions beiow. Do not. round intermedute calculations. a. Construct the forecasted financial statements assuming that these changes are made. What are the firm's forecasted notes payable and iong-term debt batances? What is the forecasted addition to retained earnings? Round your answers to the nearest cent. n sales wil the addibaral feckeing requlemerti ter b. If the preht margin rensins at 6.25% and the dovidend payout ratio remains at 60%, af what places