Given the following information: sales in 2019 = $500000, profit margin= 10%, : the company paid 60% as dividends. The company prefers to maintain the profit margin and payout ratios for next year FIND the additional finance needed for 2020, and forecast the financial statements using the percentage of sales approach, if sales in 2020 is expected to increase by 40%, spontaneous liabilities is: account payable . Balance Sheet as of December 31, 2019 ( Dollars) $10000 Account payable $20000 Cash 30000 Short term loans 15000 Account receivable 40000 Total current liabilities 30000 Inventories 45000 Long term debt 65000 Total current assets 80000 Common stock 150000 Net fixed assets 50000 Retained earnings $215000 Total Liabilities & equity $215000 Total assets