(Financial forecasting-percent of sales) Tulley Appliances, Inc. projects next year's sales to be $19.7 million. Current sales are at $14.7 million, based on current assets of $4.8 million and fixed assets of $4.7 million. The firm's net profit margin is 5.3 percent after taxes. Tulley forecasts that current assets will rise in direct proportion to the increase in sales, but fixed assets will increase by only $109,000. Currently, Tulley has $1.5 million in accounts payable (which vary directly with sales), $1.7 million in long-term debt (due in 10 years), and common equity (including $4.2 million in retained earnings) totaling $6.4 million. Tulley plans to pay $501,000 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 discretionary financing needs? c. Based on your projections, and assuming that the $109,000 expansion in fixed assets will occur, what is the largest increase in sales the firm can support without having to resort to the use of discretionary sources of financing? a. What are Tulley's total financing needs (that is, total assets) for the coming year? Estimate Tulley's financing needs by completing the pro forma balance sheet: (Round the percentages of sales to two decimal places and the balance sheet amounts to the nearest dollar.) Tulley Appliances, Inc. Pro Forma Balance Sheet Current assets Net fixed assets Total assets Accounts payables Long-term debt Total liabilities Paid-in capital Retained earnings Common equity Total liabilities and common equity $ $ $ $ $ Next Year % of Sales % () % Tulley's total financing requirements for the coming year are $ (Round to the nearest dollar.) b. Given the firm's projections and dividend payment plans, its discretionary financing needs are $. (Round to the nearest dollar.) c. Based on your projections, and assuming that the $109,000 expansion in fixed assets will occur, the largest increase in sales the firm can support without having to resort to the use of discretionary sources of financing is $. (Round to the nearest dollar.)