Tomey Supply Company's financial statements for the most recent fiscal year are shown below. The company projects that sales will increase by 20 percent next year. Assume that all costs and assets increase directly with sales. The company has a constant 33 percent dividend payout ratio and has no plans to issue new equity. Any financing needed will be raised through the sale of long-term debt. Prepare pro forma financial statements for the coming year based on this information, and calculate the EFN for Tomey

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Tomey Supply Company Income Statement and Balance Sheet Income Statement Net sales Costs EBT Taxes (35%) Net income S 1,768,121 1,116,487 651,634 228,072 $ 423,562 Balance Sheet Assets: Current assets Net fixed assets $280,754 713,655 $ 994,409 Total assets Liabilities and Equity: Currrent liabilities Long-term debt Common stock Retained earnings $ 167,326 319,456 200,000 307,627 $ 994,409 Total liabilities and equity