Hi and thank you in advance. This question is posted online but i need it solved with detailed steps, formulas, etc. No excel. I would really appreciate it. Thank you!!

conveniently located warehouses, and ships them to its chain of retail stores Upton's balance sheet as of December 31, 2006 is shown here (millions of dollars) 4. Upton Computers makes bulk purchases of small computers, stocks them in S 9.0 18.0 Cash Receivables Inventories $ 3.5 Accounts payable 26.0 Notes payable 58.0 Accruals 87.5 Total current assets Net fixed assets Total current liabilities 35.5 6.0 15.0 66.0 35.0 Mortgage loan Common stock Retained earnings Total assets S122.5 Total liabilities and equity $122 Sales for 2006 were $350 million, while net income for the year was $10.5 million. Upton paid dividends of $4.2 million to common stockholders. The firm is operating at full capacity. Assume that all ratios remain constant. . If sales are projected to increase by $70 million, or 20 percent, during 2007, determine Upton's projected external capital requirements. b. Determine Upton's projected external capital requirement if the increase in sales is expected to be carried out without any expansion of fixed assets. c. How much can sales grow above 2006 of $350 million without requiring any additional funds