Do 3 iterations.
What is the EFN
		% of	Iteration
		Sales	1	2	3
Balance sheet	2012		2013	2013	2013
Current Assets	50	1
Fixed assets, net	100		90	90	90
Total Assets	150		150	150	150
Current liabilities	40	80%	48	48	48
Long - term debt (PLUG)	50		32.2
Retained Earnings	60		69.8	67.55	67.39
Liabilities and equity	150		150	150	150
Income statement			2013	2013	2013
Sales	50		60	60	60
COGS	20	40%	24	24	24
Gross margin	30		36	36	36
Operating expense	10	20%	12	12	12
Depreciation	10		10	10	10
Interest	5		0	3.22	3.45
EBT	5		14	10.78	10.55
Taxes	1.5		4.2	3.23	3.17
Net income	3.5		9.8	7.55	7.39

Using the percent sales method, estimate the amount of external financing
XYZ corp will need to fund the next years operations
only compute 3 iterations
Assume that Sales will grow by 20% from the 2012 level
Assume that the firm will not purchase any additional assets
Assume that depreciation expense will be $10 in 2013.
Assume the interest rate on long-term debt will be 10%