Happy Industries Annual Income Balance Sheet: June 30, 2019 (000's) June 30, 2018 Statement (000's) Assets Liabilities and Equity (Year-ended 6/30/19) Cash $100 $300 Accounts Payable $300 $320 Sales $6,000 Receivable $800 $650 Notes Payable $950 $1350 COGS -4,500 Inventory $850 $970 Long-term Debt $950 $750 G&A - 900 Net Fixed $2650 $2400 Common Stock $250 $150 EBIT $ 600 Retained Earnings $1950 $1750 Interest -200 TOTAL $4400 S4320 Total Equity $2200 $1900 EBT $ 400 TOTAL $4400 S4320 Tax $ -100 Net Income $ 300 6. Determine the additional funds needed, if any, for Happy Industries during the next year. Apply the percentage of sales forecasting model. The firm will pay a cash dividend of $100 (000). Assume that all assets will change according to the existing asset-to-sale relationship. Accounts payable represent the only source of spontaneous funds. Sales are projected to increase by 10%. The percentage profit margin will remain the same in 2020 as existed in 2019. Show both the percentage of sales formula to derive excess funds or additional funds needed, and identify the projected balance sheet. Happy Industries Annual Income Balance Sheet: June 30, 2019 (000's) June 30, 2018 Statement (000's) Assets Liabilities and Equity (Year-ended 6/30/19) Cash $100 $300 Accounts Payable $300 $320 Sales $6,000 Receivable $800 $650 Notes Payable $950 $1350 COGS -4,500 Inventory $850 $970 Long-term Debt $950 $750 G&A - 900 Net Fixed $2650 $2400 Common Stock $250 $150 EBIT $ 600 Retained Earnings $1950 $1750 Interest -200 TOTAL $4400 S4320 Total Equity $2200 $1900 EBT $ 400 TOTAL $4400 S4320 Tax $ -100 Net Income $ 300 6. Determine the additional funds needed, if any, for Happy Industries during the next year. Apply the percentage of sales forecasting model. The firm will pay a cash dividend of $100 (000). Assume that all assets will change according to the existing asset-to-sale relationship. Accounts payable represent the only source of spontaneous funds. Sales are projected to increase by 10%. The percentage profit margin will remain the same in 2020 as existed in 2019. Show both the percentage of sales formula to derive excess funds or additional funds needed, and identify the projected balance sheet