P4-18 (similar to) Pro forma balance sheet-Basic Leonard Industries wishes to prepare a pro tomma balance sheet for next year. The firm expects sales to total $3.000.000. The following information has been gathered. (1) A minimum cash balance of $50,300 is desired. (2) Marketable securities will remain unchanged. (3) Accounts receivable represent 9.9% of sales. (4) Inventories represent 12.2% of sales 5) Leonard will acquire a new machine costing $89.900. Total depreciation for the year will be $32,300. 6) Accounts payable represent 14.3% of sales (7) Accruals, other current liabilities, long-term debt, and common stock will remain unchanged. (8) The firm's net profit margin is 3.8%, and it expects to pay out $89.800 in cash dividends next year. 9) The most recent balance sheet follows a. Use the judgmental approach to prepare a pro forma balance sheet for next year. b. How much if any additional financing will Leonard Industries require? Discuss. c. Could Leonard Industries adjust its planned dividend to avoid the situation described in part b? Explain h a. Use the judgmental approach to prepare a pro forma balance sheet for Leonard Industries. Complete the assets part of the pro forma balance sheet for Leonard Industries below. (Round to the neare 0 Data Table - X Pro Forma Balance Sheet Leonard Industries (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Leonard Industries Balance Sheet Assets Liabilities and Stockholders' Equity Cash $44,900 Accounts payable Marketable securities 14,900 Accounts receivable 255,400 Other current liabilities Inventories 340,000 Total current liabilities Total current assets $855,200 Long-term debt Net fixed assets 599,900 Common stock Retained earnings Total assets $1,255,100 Total liabilities and stockholders' equity Accruals per Assets Current assets Cash Marketable securities Accounts receivable Inventories $395.000 60,100 29,800 $484,700 351,400 199,500 219,500 $1.255,100 S Total current assets S Print Done Net fixed assets Total assets S