Cheryl Colby, CFO of Charming Florist Ltd., has created the firms pro forma balance sheet for the next fiscal year. Sales are projected to grow by 15 percent to $460 million.

Current assets (20% of sales), fixed assets (140% of sales), and short-term debt (15% of sales)

Charming Florist pays out 40 percent of its net income in dividends. The company currently has $145 million of long-term debt and $50 million in common stock par value. The profit margin is 12 percent.

1. Prepare the current balance sheet for the firm using the projected sales figure
2. Based on Ms. Colbys sales growth forecast, how much does Charming Florist need in external funds for the upcoming fiscal year?

Please provide detailed steps.