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Finns’ Fridges is a company created by twin brothers David and Douglas Finn, who rented small refrigerators to other students in their college dormitory. Use the following statements to answer the questions about Finns’ Fridges. a. Suppose the Finns believe they can increase revenues to $2,600 in year 3. Use this figure and the percentage of sales balance sheet (Practice Problem 26) to forecast the company’s balance sheet at the end of year 3. Remember that the “financing” components (long-term debt and total owners’ equity) should be left unchanged from the year 2 figures. b. The forecast balance sheet does not balance! Determine the amount of external financing required by Finns’ Fridges based on the initialforecast.
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