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The Longbranch Western Wear Company has the following financial statements, which are representative of the company's historical average Income Statement Sales Expenses Earnings before interest and taxes Interest Earnings before taxes Taxes Earnings after taxes Dividends $200,000 155,500 $ 44,500 2,500 $ 42,000 14,000 $ 28,000 11,200 Balance Sheet Assets Liabilities and Shareholders' Equity Cash Accounts receivable Inventory Current assets Capital assets $7,000 Accounts payable 15,000 Accrued wages 20,000 Accrued taxes $2,500 1,700 5,800 $10,000 7,500 17,500 25,000 57,000 $117,000 $42,000 Current liabilities 75,000 Notes payable Long-term debt Common stock Retained earnings Total assets 117,000 Total liabilities and equity Longbranch is expecting a 30 percent increase in sales next year, and management is concerned about the company's need for external funds. The increase in sales is expected to be carried out without any expansion of capital assets; instead, it will be done through more efficient asset utilization in the existing stores. Of liabilities, only current liabilities vary directly with sales. a. Using a percent-of-sales method, determine whether Longbranch Western Wear has external financing needs. (Input the amount as a positive value.) a. Using a percent-of-sales method, determine whether Longbranch Western Wear has external financing needs. (Input the amount as a positive value.) The firm has$12,240 in surplus funds b. Prepare a pro forma balance sheet with any financing adjustment made to notes payable. (Input all answers as positive values. Be sure to list the assets and liabilities in order of their liquidity. Do not leave any empty spaces; input a 0 wherever it is required.) Balance Sheet Current assets Liabilities $7,340 3,250 Cash Accounts receivable Inventory Accounts payable | 19,500| 2 | Accrued wages 2,210 26,000Accrued taxes 7,540 Current liabilities 13,000 Current assets Capital Assets 75,000Notes payable Long-term debt Common stock Retained earnings $17,500x 25,000 72,340 $ 127,840 Total liabilities and equity 127,840 Total assets c. Calculate the current ratio and total debt to assets ratio for each year. (Round the final answers to 2 decimal places.) Year 1 Year 2 4.06 Current ratio 4.20 x Total debt assets 29.91 23.86 The Longbranch Western Wear Company has the following financial statements, which are representative of the company's historical average Income Statement Sales Expenses Earnings before interest and taxes Interest Earnings before taxes Taxes Earnings after taxes Dividends $200,000 155,500 $ 44,500 2,500 $ 42,000 14,000 $ 28,000 11,200 Balance Sheet Assets Liabilities and Shareholders' Equity Cash Accounts receivable Inventory Current assets Capital assets $7,000 Accounts payable 15,000 Accrued wages 20,000 Accrued taxes $2,500 1,700 5,800 $10,000 7,500 17,500 25,000 57,000 $117,000 $42,000 Current liabilities 75,000 Notes payable Long-term debt Common stock Retained earnings Total assets 117,000 Total liabilities and equity Longbranch is expecting a 30 percent increase in sales next year, and management is concerned about the company's need for external funds. The increase in sales is expected to be carried out without any expansion of capital assets; instead, it will be done through more efficient asset utilization in the existing stores. Of liabilities, only current liabilities vary directly with sales. a. Using a percent-of-sales method, determine whether Longbranch Western Wear has external financing needs. (Input the amount as a positive value.) a. Using a percent-of-sales method, determine whether Longbranch Western Wear has external financing needs. (Input the amount as a positive value.) The firm has$12,240 in surplus funds b. Prepare a pro forma balance sheet with any financing adjustment made to notes payable. (Input all answers as positive values. Be sure to list the assets and liabilities in order of their liquidity. Do not leave any empty spaces; input a 0 wherever it is required.) Balance Sheet Current assets Liabilities $7,340 3,250 Cash Accounts receivable Inventory Accounts payable | 19,500| 2 | Accrued wages 2,210 26,000Accrued taxes 7,540 Current liabilities 13,000 Current assets Capital Assets 75,000Notes payable Long-term debt Common stock Retained earnings $17,500x 25,000 72,340 $ 127,840 Total liabilities and equity 127,840 Total assets c. Calculate the current ratio and total debt to assets ratio for each year. (Round the final answers to 2 decimal places.) Year 1 Year 2 4.06 Current ratio 4.20 x Total debt assets 29.91 23.86