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and, (10) 7. You have available the Income Statement for the current year and the Balance sheet as of year end for Rudolph & Company (all dollar amounts are in thousands). Note that: -Rudolph's long-term debt is being reduced at the rate of $80 per year; - Rudolph has no plans to expand its property; - Rudolph's sales for next year are forecast to be $5,000; -Rudolph's tax rate is 20%. Use the Percent of Sales approach to estimate the amount of external financing Rudolph will need by the end of next year. What assumptions are necessary to carry out your calculations? Briefly explain. Income Statement Sales $4,000 Cost of goods sold 2,500 Gross profit $1,500 Operating expenses 1,300 Interest expense 40 Net income before taxes S 160 Provision for taxes Net income $ 129 32 Balance sheet Cash Accounts receivable Inventory Current assets Property Total assets $ 80 400 800 1,280 400 $1,680 160 600 Notes payable, bank Accounts payable Long-term debt, current Current liabilities Long-term debt Total liabilities Net worth Total liabilities & net worth $ 840 3160 $1,200 480 $1,680 and, (10) 7. You have available the Income Statement for the current year and the Balance sheet as of year end for Rudolph & Company (all dollar amounts are in thousands). Note that: -Rudolph's long-term debt is being reduced at the rate of $80 per year; - Rudolph has no plans to expand its property; - Rudolph's sales for next year are forecast to be $5,000; -Rudolph's tax rate is 20%. Use the Percent of Sales approach to estimate the amount of external financing Rudolph will need by the end of next year. What assumptions are necessary to carry out your calculations? Briefly explain. Income Statement Sales $4,000 Cost of goods sold 2,500 Gross profit $1,500 Operating expenses 1,300 Interest expense 40 Net income before taxes S 160 Provision for taxes Net income $ 129 32 Balance sheet Cash Accounts receivable Inventory Current assets Property Total assets $ 80 400 800 1,280 400 $1,680 160 600 Notes payable, bank Accounts payable Long-term debt, current Current liabilities Long-term debt Total liabilities Net worth Total liabilities & net worth $ 840 3160 $1,200 480 $1,680