Veneer Corporation has a competitive advantage in contract manufacturing of small electrical components and expects their competitive advantage to last two years through calendar 2021. The competitive advantage will allow it to increase sales by 20% annually for 2020 and 2021, and, after that, its sales will grow at the same rate as the increase in nominal GDP. Prepare a proforma income statement, balance sheet, and firm free cash flow for Veneer for 2020 and 2021 (the planning period) using the following assumptions:

Sales are expected to grow by 20% annually.
Cost of goods sold and operating expenses are a constant percent of revenues, interest is 5% of Beginning of Year (BOY) long-term debt plus short-term debt, depreciation is 10% of BOY total fixed assets (gross, not net) and income taxes are 35% of income before tax.
The projected cash balances will change to balance the balance sheet, and the remaining current assets increase in proportion to sales.
Gross fixed assets increase 5% each year.
Accounts payable increases in proportion to sales.
Short-term debt remains the same each year of the planning period. Long-term debt is payable, beginning at the end of the year 2020 and continuing at the end of each year, in equal annual principal payments of $540.
Retained earnings increases by net income and decreases by dividends. The dividend payout ratio is 25%.
During 2021, capital stock with a par value of $1 per share will be sold for $1 per share or a total of $500. There are no other sales of capital stock.
Veneer's Balance Sheet and Income Statement for 2018 and 2019 is shown below:

Veneer Corporation
Balance Sheets
December 31, 2018 and 2019
Historical
ASSETS 2018 2019
Current Assets:
Cash 368 1,823
Accounts receivable 1,622 1,599
Inventories 544 590
Total Current Assets 2,534 4,012
Fixed Assets
Total Fixed Assets (Gross) 7,800 8,474
Accumulated depreciation (580) (730)
Net Fixed Assets 7,220 7,744
TOTAL 9,754 11,756
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable 370 512
5% Short-term debt 1,800 2,288
Total Current Liabilities 2,170 2,800
5% Long-term debt 5,070 5,392
Shareholders' Equity:
Common stock 1,000 1,000
Additional paid-in capital 2,000 2,000
Retained earnings (250) 797
Total 2,750 3,797
Treasury stock (233) (233)
Total Shareholders' Equity 2,517 3,564
TOTAL 9,757 11,756
Statements of Income
Historical
2018 2019
Revenues 16,389 18,210
Cost of goods sold 10,832 12,035
Gross profit on sales 5,558 6,175
Operating expenses 3,521 3,912
Depreciation 150 150
EBIT 1,887 2,113
Interest expense 603 502
Income Taxes 449 564
Net Income 834 1,047

Assets2018201920202021

Current Assets:    

Cash3681,8231,7212,270

Account Receivavle1,6221,5991,9192,303

Inventories544590708850

Current Assets2,5344,0124,3485,422

Fixed Assets    

Fixed Assets7,8008,4748,8989,343

Accumulated depreciation-580-730-847-890

Net Fixed Assets7,2207,7448,0508,453

Total9,75411,75612,39813,875

LIABILITIES AND SHAREHOLDERS' EQUITY    

Current liabilities    

Account Payable370512614737

Short term debt1,8002,2882,2882,288

Total Current liabilities2,1702,8002,9023,025

Long Term Debt5,0705,3924,8524,312

Shareholders' Equity:    

Common Stock1,0001,0001,0001,500

Additional paid in capital2,0002,0002,0002,000

Retained earnings-2507971,8763,270

Total2,7503,7974,8766,770

Treasury stock-233-233-233-233

Total Shareholders' Equity:2,5173,5644,6436,537

Total9,75711,75612,39813,875

-3000

Statements of Income    

2018201920202021

Revenues16,38918,21021,85226,222

Cost of goods sold10,83212,03514,44217,330

Gross profit on sales5,5586,1757,4108,892

Operating expenses3,5213,9124,6945,633

Depreciation15015011742

EBIT1,8872,1132,5983,216

Interest expense603502384357

Income Taxes4495647751,001

Net Income8351,0471,4391,859

Explanation:

Assets2018201920202021

Current Assets:    

Cash3681,8231,7212,270

Account Receivavle1,6221,5991,9192,303

Inventories544590708850

Current Assets2,5344,0124,3485,422

Fixed Assets    

Fixed Assets7,8008,4748,8989,343

Accumulated depreciation-580-730-847-890

Net Fixed Assets7,2207,7448,0508,453

Total9,75411,75612,39813,875

LIABILITIES AND SHAREHOLDERS' EQUITY    

Current liabilities    

Account Payable370512614737

Short term debt1,8002,2882,2882,288

Total Current liabilities2,1702,8002,9023,025

Long Term Debt5,0705,3924,8524,312

Shareholders' Equity:    

Common Stock1,0001,0001,0001,500

Additional paid in capital2,0002,0002,0002,000

Retained earnings-2507971,8763,270

Total2,7503,7974,8766,770

Treasury stock-233-233-233-233

Total Shareholders' Equity:2,5173,5644,6436,537

Total9,75711,75612,39813,875

-3000

Statements of Income    

2018201920202021

Revenues16,38918,21021,85226,222

Cost of goods sold10,83212,03514,44217,330

Gross profit on sales5,5586,1757,4108,892

Operating expenses3,5213,9124,6945,633

Depreciation15015011742

EBIT1,8872,1132,5983,216

Interest expense603502384357

Income Taxes4495647751,001

Net Income8351,0471,4391,859

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

happy to

pls mark as brainliest

answer; complain or request hazard correction from your employer;