Jackson Co. has the following balance sheet as of December 31 2003. Assets:

Jackson Co. has the following balance sheet as of December 31 2003.

Assets:

Current Assets $600000

Fixed Assets: $400000

Total assets: $1000000

Claims:

Accounts payable: $100000

Accruals: $100000

Notes Payable: $100000

ToT Current Liabs: $300000

Long Term Debt: $300000

ToT equity: $400000

TOT claims $1000000

In 2003 the company reported sales of $5 million net income of $100000 and dividends of $60000. The company anticipates its sales will increase 20% in
2004 and its dividend payout will remain at 60%. Assume the company is at full capacity so its assets and spontaneous liabilities will increase
proportionately with an increase in sales.

Assume the company uses the AFN formula and all additional funds needed (AFN) will come from issuing new long-term debt. Given its forecast how much long-term
debt will the company have to issue in 2004?

1. please explain(display) and solve step by step on an excel spreadsheet

2. do the new financial statements using the proforming method

3. and display the old and new Current Ratios