Financial planning Q1: Nobou Company assigned you to take the responsibility of preparing the pro forma balance sheet dated 31/12/2020 by using Percent of sales method. Use the given information below to prepare the projected statement and discuss when should Nobou use external funding sources. 1- The firm made $1000000 sales in 2019, net profit was 8% of sales, and it expects to make profit at same percent in 2020. 2- The firm has estimated that its sales will grow at 15% in 2020. 3- The firm expects to retain 50% of the net income in 2020. 4- Zain is operating at full capacity Nobou Balance sheet December 31, 2019 Value 50000 150000 Liabilities Account payable accruals value 150000 50000 Assets Cash Accounts Receivable Inventory Total current assets Fixed assets 200000 ? Current liabilities Long term debt ? 200000 400000 250000 Capital -Common shares Retained earnings Total equity and liabilities 150000 Total assets 800000 800000