If a non-dividend paying firm bases its growth assumptions on the sustainable rate of growth, and shows positive net income, then the pro forma statement must reflect:
a. an increase in fixed assets irrespective of the firm's current operating capacity.
b. an increase in both sales and the debt-equity ratio.
c. both an increase in the total asset turnover and in the equity multiplier.
d. a constant debt-equity ratio and an increase in retained earnings.
e. increases in fixed assets, the debt-equity ratio, and the number of shares outstanding.