Forecast the Income Statement, Balance Sheet, and Statement of Cash Flows Following are fiscal year financial statements

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Forecast the Income Statement, Balance Sheet, andStatement of Cash FlowsFollowing are fiscal year financial statements of Costco.
*no shares issued and outstanding** 879,250,000 and 876,378,000 shares issued and outstanding
RequiredForecast Costco’s income statement, balance sheet, and statement ofcash flows for the year ended September 1, 2020. Combine allproperty and equipment accounts into Net property andequipment.Forecasts assumptionsForecast Net sales and Membership fees using their respectivehistorical growth rates (2018 to 2019).Forecast the following as a percentage of Net sales:• Merchandise costs• Receivables, net• Merchandise inventories• Accounts payable• Accrued member rewardsForecast income tax as 23% of pretax incomeForecast Deferred membership fees as a percentage of Membershipfees.Assume no change in the balance of the following:• Preopening expenses• Interest expense• Interest income• Net income attributable to noncontrolling interest• Short-term investments• Preferred stock• Common stock• Accumulated other comprehensive lossDebt maturing in fiscal 2020 and 2021 is $3,398 million and $2,188million, respectively.The company anticipates repurchasing $500 million in common stockin fiscal 2020.The 2019 statement of cash flows reports the following:• Depreciation expense of $2,984 million• Dividends of $2,076 million (to forecast 2020 dividends, use the2019 dividend payout ratio as a percentage of net incomeattributable to Costco shareholders)• Stock-based compensation (a noncash expense that is included inSG&A expense and is added to Additional paid-in capital) of$1,190 million• CAPEX of $5,996 millionForecast all other items as a percentage of total revenues.Note: Round historical rates used in calculationsto three decimal places. For example, assume that ActualMerchandise inventories divided Actual Net sales equals 0.076297.This factor should be rounded to 7.6% before computing yourforecasted amount for Merchandise inventories. Note: Round your final answers below to thenearest whole dollar.