(1) A minimum cash balance of $50,000 is desired (2) Marketable securities are expected to remain unchanged. (3) Accounts receivable represent 10.0% of sales. (4) Inventories represent 12.0% of sales (5) A new machine costing $90 000 will be acquired during 2020 Total depreciation for the year will be $32,000 (6) Accounts payable represent 14.0% of sales (7) Accruals, other current liabilities, long-term debt, and common stock are expected to remain unchanged. (8) The firm's net profit margin is 4.0%, and it expects to pay out $70,000 in cash dividends during 2020 (9) The December 31, 2019, balance sheet follows a. Use the judgmental approach to prepare a pro forma balance sheet dated December 31, 2020, for Leonard Industries b. How much, if any, additional financing will Leonard Industries require in 2020? Discuss c. Could Leonard Industries adjust its planned 2020 dividend to avoid the situation described in part b? Explain how *** $ Current liabilities Accounts payable Acoruals Other current liabilities Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total stockholders' equity External funds required $ Total liabilities and stockholders' equity Data Table (Click on the icon here in order to copy the contents of the data table below into a spreadsheet) Leonard Industries Balance Sheet December 31, 2019 Assets Liabilities and Stockholders' Equity Cash $45,000 Accounts payable Marketable securities 15 000 Accruals Accounts receivable 255,000 Other current liabilities Inventories 340,000 Total current liabilities Total current assets 5655,000 Long-term debt Net fixed assets 600,000 Common stock Retained earings Total assets $1,255,000 Total liabilities and stockholders' equity $395,000 60,000 30,000 $485,000 350,000 200,000 220,000 $1,255,000 Print Done