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17-3. (Using the percent-of-sales method of forecasting) Tulley Appliances, Inc., projects next year's sales to be $20 million. Current sales are at $15 million, based on current as sets of $7 million and fixed assets of $8 million. The firm's net profit margin is 5 percent after taxes. Tulley forecasts that current assets will rise in direct proportion to the in- crease in sales but that fixed assets will increase by only $150,000. Currently. Tulley has $1.5 million in accounts payable (which vary directly with sales), $7 million in long-term debt (due in 10 years), and common equity (including S4 million in re- tained earnings) totaling $6.5 million. Tulley plans to pay $500,000 in common stock dividends next year. a. What are Tulley's total financing needs (that is, total assets) for the coming year? b. Given the firm's projections and dividend payment plans, what are its discretion- ary financing needs? P17-3 Modified (part A and B only, also change next year's sales to be $21 millior instead of $20 million) Hla: Seetable17.2 on page 560 and remember the Balance sheet must balance INCOME STATEMENT current year % of sales next year % of sales sales net income dividends BALANCE SHEET 10 11 12 a 14 15 26 17 current year % of sales next year % of sales current assets netfixed assets TOTAL ASSETS 10 20 21 22 23 24 25 accounts payable long-term debt TOTAL LIABILITIES common stock pald-in capital retained earnings COMMON EQUITY TOTAL LIABILITIES & DE 27 20 23 30 Part B. DISCRETIONARY FINANCING NEEDED TOTAL FINANCING NEEDED TOTAL ASSETS