How do you project Balance Sheet items like Accounts Receivable and Accrued Expenses in a 3-statement model?

Normally you make very simple assumptions and assume these are percentages of revenue, operating expenses, or cost of goods sold. Examples:

• Accounts Receivable: % of revenue.

• Deferred Revenue: % of revenue.

• Accounts Payable: % of COGS.

• Accrued Expenses: % of operating expenses or SG&A.

Then you either carry the same percentages across in future years or assume slight changes depending on the company.