This is about financial modelling. Please use Microsoft excel to solve this questions.

FINC305-616 Laboratory Exercise, Week 3 The following is the Income Statement and Balance Sheet for the year ended 31 March 2022 for the ARC C Cnv (a) Prepare a pro forma financial statement model which projects the data for the five years 2023 to 2027 . Make the following assumptions: (1) Sales will grow by 8% per year. (2) The cost of goods sold as a perecentage of sales will remain constant. (3) Cash expenses as a percentage of sales will remain constant. (4) Interest on the overdraft will be 8% of its opening and closing values. (5) The long term loan stays constant, with interest at 6% per annum. (6) Deprecation is 12% of the average depraeciated value of fixed assets. (7) Tax is 28% of earnings before tax. (8) A dividend will be paid of 10% of Capital each year. (9) The ratio of net fixed assets to sales will be 82%. (10) The 2022 ratio of current assets to sales will be maintained. (11) The 2022 ratio of payables to sales will be maintained. (b) Assume that sales only grow by 7% per year. Lay out the projected Income Statement and Balance Sheet for the year ended 31 March 2027 in a separate sheet in your Excel file. Use the same pro forma financial statements as above. (c) The current ratio is currently 1.45=1100/(10+750). Project this ratio for the five years. What do you conclude? (Just two or three sentences)