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A. Complete a forecast for INTC, Intel Corp using percentage of sales approach if in the forecast year sales growth is expected to decrease by 10% (i.e. sales growth equal to -10%), taxes 21% and intel pays dividend using a dividend payout ratio of 20%. Generate pro-forma sheets, complete colums for titles highlighted in yellow. if you feel something (item or variable) needs to be changed anywhere, you have the latitude to do so, just comment to let me know your intuition behind any such changes. B. In your forecast explain your decision in selecting any capital for EFN (if needed) to make the sheet balanced. Explain implications towards other components of the financial documents and the company in general for the capital you select towards other components. Why would you choose that means over any other option? 2018E % of Sales 2018 Answer part B here: B Assumption 2017 2018 3 Sales Growth Rate 4 Taxes 52.23% 5 Dividend Payout Ratio 6 Does INTC Need EFN (or AFN) in 2018 7 EFN (or EFN) Intel Corp (NMS: INTC) 9 Standardized Annual Income Statement 10 2017A % of Sales 2017 11 Total Revenue 62,761.00 12 Direct Costs 23,692.00 13 Gross Profit 14 Selling General & Admin 7,474.00 15 Depreciation & Amortization 177.00 16 Research & Development 13,098.00 17 Restruct Remediation & Impair 384.00 18 Other Operating Expense 19 Total Indirect Operating Costs 20 Operating Income 21 Interest Income (235.00) 22 Gains on Sale of Assets 2,815.00 23 Other Non-Operating Income 68.00 24 Total Non-Operating Income 25 Earnings Before Tax 26 Taxation 27 Equity Earnings (232.00) 28 Net Income 29 Preference Dividends & Similar 30 Net Income to Common 31 Shares Outstanding 4,687.00 32 Addition to Retained Earnings 33 Net income should be 9,601

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