3F--Co X M Question 25 - Assignment #1 (C X Check my world The Longbrand X Homework Help - Q&A from On + mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware%252Fmhep ent #1 (Chapters 1,4 & 5) Worth 10% of your final gr... Saved inrougn more enicient asset uulization in the existing stores. Or liabilities, only current abilities vary directly with sales. a. Using a percent-of-sales method, determine whether Longbranch Western Wear has external financing needs. (Input the amount as a positive value.) The firm (Click to select) $ in (Click to select) v b. Prepare a pro forma balance sheet with any financing adjustment made to notes payable and excess, if any, shall reduce long term debt. (Input all answers as positive values. Be sure to list the assets and liabilities in order of their liquidity. Do not leave any empty spaces; input a O wherever it is required.) int Balance Sheet Current assets rences Cash (Click to select) (Click to select) $ (Click to select) Liabilities $ (Click to select) (Click to select) Current assets $ Current liabilities $ (Click to select) (Click to select) (Click to select) (Click to select) $ (Click to select) Total assets $ Total liabilities and equity $ Mc Graw Hill y sunny c. Calculate the current ratio and total debt to assets ratio for each year. (Round the final answers to 2 decimal places.) Current ratio Total debt/ assets f2 f3 Year 1 Year 2 X X % % f5 EX Q Search 16 f7 2 # 3 $ 4 % 5 6 Q W E < Prev 25 of 42 Next > IA ASUS & * 7 R T Y U 8 fo f10 f12/A prt sc del inse 9 0 bac X M Question 25-Assignment #1 (C X Check my world The Longbranch X Homework Help - Q&A from On x + ducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware%252FmM Saved 1 (Chapters 1,4 & 5) Worth 10% of your final gr... es The Longbranch Western Wear Company has the following financial statements, which are representative of the company's historical average. Income Statement Sales Expenses Earnings before interest and taxes Interest Earnings before taxes Taxes Earnings after taxes. Dividends $200,000 154,500 $ 45,500 3,500 $ 42,000 12,000 $ 30,000 $ 15,000 Mc Graw Hill Sunny Balance Sheet Assets Liabilities and Shareholders' Equity Cash Accounts receivable $9,000 Accounts payable 25,000 Accrued wages Inventory Current assets 30,000 Accrued taxes $15,500 2,700 13,800 $64,000 Capital assets 85,000 Notes payable Current liabilities Long-term debt Common stock Retained earnings $32,000 Total assets $149,000 Total liabilities and equity 8,500 22,500 35,000 51,000 $149,000 Longbranch is expecting a 20 percent increase in sales next year, and management is concerned about the company's need for external funds. The increase in sales is expected to be carried out without any expansion of capital assets; instead, it will be done through more efficient asset utilization in the existing stores. Of liabilities, only current liabilities vary directly with sales. a. Using a percent-of-sales method, determine whether Longbranch Western Wear has external financing needs. (Input the amount as a positive value.) @ 2 f3 # $ 3 4 % Q Search f5 f6 5 A E 6 < Prev 25 of 42 Next > f7 IA ASUS f80/ & 7 * 8 2 W E R T Y U S D O IA f9 f10 f12 A prt sc 9 0 000 POD | F G H K