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MVIDIA Corp. financial statements are presented below. Analysts forecast that its 2020 sales will be $8,260. The expected 2020 tax rate will be 17.35%. Assume the firm pays 5% interest on shortterm debt and 7% on long term debt. MVIDIA Corporation Income Statement (\$ in Millions) For the Years 2014 to 2019 Use your judgement to torecast the items on the income statement and balance sheet with the percent of sales method. What is the discretionary financing needed in 2020? Is this a surplus or deficit? Assume that the dividends per share will be $0.54 and the number of shares will be the same as in 2019 (Analysis \& Identify and Access Needed Information 8 pts). Assume that DFN will be absorbed by long-term debt and that the interest rate is 2.5% of the sum of LTD and short-term debt. Set up an iterative worksheet to eliminate it (Analysis, Identify and Access Needed Information, \& Use Information Effectively to Accomplish a Specific Purpose 12 pts). Interpretation: please describe where you obtained information to develop analyses and interpret the results. Please include your written description in the "interpretation" tab. If you do not complete this section with your words or leave the interpretation tab as a blank, you receive 0 point in this HW. Please complete the yellow highlighted parts. Please show the formulas if the number or figures are not provided in the problem. MVIDIA Corporation Income Statement ( S in Millions) For the Years 2014 to 2019 \begin{tabular}{lrrrrrrr} \hline & Jan-20* & Jan-19 & Jan-18 & Jan-17 & Jan-16 & Jan-15 & Jan-14 \\ \hline Sales & 8,260 & 6,910 & 5,010 & 4,682 & 4,130 & 4,280 & 3,998 \\ Cost of Goods Sold & & 2,648 & 2,002 & 1,862 & 1,623 & 1,828 & 1,743 \\ \hline Gross Income & 4,262 & 3,008 & 2,820 & 2,507 & 2,453 & 2,255 \\ Research \& Development & 1,463 & 1,331 & 1,360 & 1,336 & 1,147 & 984 \\ Other SG\&A & 641 & 532 & 443 & 436 & 431 & 398 \\ Depreciation Expense & 187 & 197 & 220 & 239 & 226 & 204 \\ Other Operating Expense & 2 & 0 & 0 & 0 & 0 & 0 \\ \hline EBIT (Operating Income) & 1,969 & 948 & 796 & 496 & 648 & 669 \\ Nonoperating Income - Net & 50 & 43 & 42 & 24 & 17 & 7 \\ Interest Expense & 58 & 47 & 46 & 10 & 3 & 3 \\ Unusual Expense - Net & 56 & 201 & 37 & 0 & 0 & 9 \\ \hline Pretax Income & 1,905 & 743 & 755 & 510 & 662 & 663 \\ Income Taxes & 239 & 129 & 124 & 70 & 100 & 82 \\ \hline Net Income & 1,666 & 614 & 631 & 440 & 563 & 581 \end{tabular} \begin{tabular}{|l|r|r|r|r|r|r|r|} \hline Dividends per Share & 0.54 & 0.49 & 0.40 & 0.34 & 0.31 & 0.08 & 0.00 \\ \hline Tax Rate & 17.35% & 12.55% & 17.36% & 16.46% & 13.77% & 15.03% & 12.41% \\ \hline \end{tabular} * Forecast Interest Rate 2.50% \begin{tabular}{l|r|} \hline FactSet 2020 Revenue Forecast & 8260 \\ \hline FactSet 2020 Tax Rate Forecast & 17.35% \\ \hline FactSet 2018 R\&D Forecast & 1713 \\ \hline Sales Multiplier for Scenarios & 100% \end{tabular} DFN for Scenarios Please complete the yellow highlighted parts. Please show the formulas if the number or figures are not provided in the problem. MVIDIA Corporation Balance Sheet ( S in Millions) For the Years 2014 to 2019 \begin{tabular}{lrrrrrrr} \hline & Jan-20 & Jan-19 & Jan-18 & Jan-17 & Jan-16 & Jan-15 & Jan-14 \\ \hline Assets & & & & & & \\ \hline Cash \& Short-Term Investments & 1,766 & 596 & 497 & 1,151 & 431 & 253 \\ Short-Term Investments & 5,032 & 4,441 & 4,127 & 3,521 & 3,297 & 2,876 \\ Accounts Receivable & 826 & 505 & 474 & 426 & 454 & 336 \\ Inventories & 794 & 418 & 483 & 388 & 420 & 340 \\ Other Current Assets & 118 & 93 & 133 & 139 & 173 & 99 \\ \hline Total Current Assets & 8,536 & 6,053 & 5,713 & 5,625 & 4,775 & 3,905 \\ Gross Plant \& Equipment & 1,191 & 1,100 & 1,179 & 1,283 & 1,289 & 1,157 \\ Accumulated Depreciation & 670 & 634 & 622 & 700 & 713 & 596 \\ \hline Net Plant \& Equipment & 521 & 466 & 557 & 583 & 576 & 560 \\ Other Assets & 784 & 851 & 931 & 1,043 & 1,061 & 1,087 \\ \hline Total Assets & 9,841 & 7,370 & 7,201 & 7,251 & 6,412 & 5,553 \\ \hline Liabilities \& Shareholders' Equity & & & & & & \\ \hline ST Debt \& Current Portion LT Debt & 800.0 & 1,413.0 & 0.0 & 2.9 & 0.0 & 0.0 \\ Accounts Payable & 485.0 & 296.0 & 293.2 & 324.4 & 356.4 & 335.1 \\ Other Current Liabilities & 503.0 & 642.0 & 602.8 & 621.1 & 619.8 & 594.9 \\ \hline Total Current Liabilities & 1,788.0 & 2,351.0 & 896.0 & 948.4 & 976.2 & 930.0 \\ Long-Term Debt & 2,020 & 97 & 1,398 & 1,371 & 19 & 21 \end{tabular} Liabilities \& Shareholders' Equity \begin{tabular}{lrrrrrr} \hline ST Debt \& Current Portion LT Debt & 800.0 & 1,413.0 & 0.0 & 2.9 & 0.0 & 0.0 \\ Accounts Payable & 485.0 & 296.0 & 293.2 & 324.4 & 356.4 & 335.1 \\ Other Current Liabilities & 503.0 & 642.0 & 602.8 & 621.1 & 619.8 & 594.9 \\ \hline Total Current Liabilities & 1,788.0 & 2,351.0 & 896.0 & 948.4 & 976.2 & 930.0 \\ Long-Term Debt & 2,020 & 97 & 1,398 & 1,371 & 19 & 21 \\ Other Liabilities & 271 & 453 & 489 & 475 & 589 & 456 \\ \hline Total Liabilities & 4,079 & 2,901 & 2,783 & 2,794 & 1,585 & 1,407 \\ Common Equity & 5,762 & 4,469 & 4,418 & 4,456 & 4,828 & 4,146 \\ \hline Total Liabilities \& Shareholders' Equity & 9,841 & 7,370 & 7,201 & 7,251 & 6,412 & 5,553 \end{tabular} Shares Outstanding \begin{tabular}{|l|l|l|l|l|l|l|} \hline 649 & 649 & 569 & 563.07 & 594.52 & 624.96 & 616.37 \\ \hline \end{tabular} Discretionary Financing Needed Surplus or Deficit? Accumulated DFN Iteration Source: FactSet Fundamentals MVIDIA Corp. financial statements are presented below. Analysts forecast that its 2020 sales will be $8,260. The expected 2020 tax rate will be 17.35%. Assume the firm pays 5% interest on shortterm debt and 7% on long term debt. MVIDIA Corporation Income Statement (\$ in Millions) For the Years 2014 to 2019 Use your judgement to torecast the items on the income statement and balance sheet with the percent of sales method. What is the discretionary financing needed in 2020? Is this a surplus or deficit? Assume that the dividends per share will be $0.54 and the number of shares will be the same as in 2019 (Analysis \& Identify and Access Needed Information 8 pts). Assume that DFN will be absorbed by long-term debt and that the interest rate is 2.5% of the sum of LTD and short-term debt. Set up an iterative worksheet to eliminate it (Analysis, Identify and Access Needed Information, \& Use Information Effectively to Accomplish a Specific Purpose 12 pts). Interpretation: please describe where you obtained information to develop analyses and interpret the results. Please include your written description in the "interpretation" tab. If you do not complete this section with your words or leave the interpretation tab as a blank, you receive 0 point in this HW. Please complete the yellow highlighted parts. Please show the formulas if the number or figures are not provided in the problem. MVIDIA Corporation Income Statement ( S in Millions) For the Years 2014 to 2019 \begin{tabular}{lrrrrrrr} \hline & Jan-20* & Jan-19 & Jan-18 & Jan-17 & Jan-16 & Jan-15 & Jan-14 \\ \hline Sales & 8,260 & 6,910 & 5,010 & 4,682 & 4,130 & 4,280 & 3,998 \\ Cost of Goods Sold & & 2,648 & 2,002 & 1,862 & 1,623 & 1,828 & 1,743 \\ \hline Gross Income & 4,262 & 3,008 & 2,820 & 2,507 & 2,453 & 2,255 \\ Research \& Development & 1,463 & 1,331 & 1,360 & 1,336 & 1,147 & 984 \\ Other SG\&A & 641 & 532 & 443 & 436 & 431 & 398 \\ Depreciation Expense & 187 & 197 & 220 & 239 & 226 & 204 \\ Other Operating Expense & 2 & 0 & 0 & 0 & 0 & 0 \\ \hline EBIT (Operating Income) & 1,969 & 948 & 796 & 496 & 648 & 669 \\ Nonoperating Income - Net & 50 & 43 & 42 & 24 & 17 & 7 \\ Interest Expense & 58 & 47 & 46 & 10 & 3 & 3 \\ Unusual Expense - Net & 56 & 201 & 37 & 0 & 0 & 9 \\ \hline Pretax Income & 1,905 & 743 & 755 & 510 & 662 & 663 \\ Income Taxes & 239 & 129 & 124 & 70 & 100 & 82 \\ \hline Net Income & 1,666 & 614 & 631 & 440 & 563 & 581 \end{tabular} \begin{tabular}{|l|r|r|r|r|r|r|r|} \hline Dividends per Share & 0.54 & 0.49 & 0.40 & 0.34 & 0.31 & 0.08 & 0.00 \\ \hline Tax Rate & 17.35% & 12.55% & 17.36% & 16.46% & 13.77% & 15.03% & 12.41% \\ \hline \end{tabular} * Forecast Interest Rate 2.50% \begin{tabular}{l|r|} \hline FactSet 2020 Revenue Forecast & 8260 \\ \hline FactSet 2020 Tax Rate Forecast & 17.35% \\ \hline FactSet 2018 R\&D Forecast & 1713 \\ \hline Sales Multiplier for Scenarios & 100% \end{tabular} DFN for Scenarios Please complete the yellow highlighted parts. Please show the formulas if the number or figures are not provided in the problem. MVIDIA Corporation Balance Sheet ( S in Millions) For the Years 2014 to 2019 \begin{tabular}{lrrrrrrr} \hline & Jan-20 & Jan-19 & Jan-18 & Jan-17 & Jan-16 & Jan-15 & Jan-14 \\ \hline Assets & & & & & & \\ \hline Cash \& Short-Term Investments & 1,766 & 596 & 497 & 1,151 & 431 & 253 \\ Short-Term Investments & 5,032 & 4,441 & 4,127 & 3,521 & 3,297 & 2,876 \\ Accounts Receivable & 826 & 505 & 474 & 426 & 454 & 336 \\ Inventories & 794 & 418 & 483 & 388 & 420 & 340 \\ Other Current Assets & 118 & 93 & 133 & 139 & 173 & 99 \\ \hline Total Current Assets & 8,536 & 6,053 & 5,713 & 5,625 & 4,775 & 3,905 \\ Gross Plant \& Equipment & 1,191 & 1,100 & 1,179 & 1,283 & 1,289 & 1,157 \\ Accumulated Depreciation & 670 & 634 & 622 & 700 & 713 & 596 \\ \hline Net Plant \& Equipment & 521 & 466 & 557 & 583 & 576 & 560 \\ Other Assets & 784 & 851 & 931 & 1,043 & 1,061 & 1,087 \\ \hline Total Assets & 9,841 & 7,370 & 7,201 & 7,251 & 6,412 & 5,553 \\ \hline Liabilities \& Shareholders' Equity & & & & & & \\ \hline ST Debt \& Current Portion LT Debt & 800.0 & 1,413.0 & 0.0 & 2.9 & 0.0 & 0.0 \\ Accounts Payable & 485.0 & 296.0 & 293.2 & 324.4 & 356.4 & 335.1 \\ Other Current Liabilities & 503.0 & 642.0 & 602.8 & 621.1 & 619.8 & 594.9 \\ \hline Total Current Liabilities & 1,788.0 & 2,351.0 & 896.0 & 948.4 & 976.2 & 930.0 \\ Long-Term Debt & 2,020 & 97 & 1,398 & 1,371 & 19 & 21 \end{tabular} Liabilities \& Shareholders' Equity \begin{tabular}{lrrrrrr} \hline ST Debt \& Current Portion LT Debt & 800.0 & 1,413.0 & 0.0 & 2.9 & 0.0 & 0.0 \\ Accounts Payable & 485.0 & 296.0 & 293.2 & 324.4 & 356.4 & 335.1 \\ Other Current Liabilities & 503.0 & 642.0 & 602.8 & 621.1 & 619.8 & 594.9 \\ \hline Total Current Liabilities & 1,788.0 & 2,351.0 & 896.0 & 948.4 & 976.2 & 930.0 \\ Long-Term Debt & 2,020 & 97 & 1,398 & 1,371 & 19 & 21 \\ Other Liabilities & 271 & 453 & 489 & 475 & 589 & 456 \\ \hline Total Liabilities & 4,079 & 2,901 & 2,783 & 2,794 & 1,585 & 1,407 \\ Common Equity & 5,762 & 4,469 & 4,418 & 4,456 & 4,828 & 4,146 \\ \hline Total Liabilities \& Shareholders' Equity & 9,841 & 7,370 & 7,201 & 7,251 & 6,412 & 5,553 \end{tabular} Shares Outstanding \begin{tabular}{|l|l|l|l|l|l|l|} \hline 649 & 649 & 569 & 563.07 & 594.52 & 624.96 & 616.37 \\ \hline \end{tabular} Discretionary Financing Needed Surplus or Deficit? Accumulated DFN Iteration Source: FactSet Fundamentals