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The Longbranch Western Wear Company has the following financial statements, which are representative ofthe company's historical average. Incane Statement Sales $399,999 Expenses 244,299 Earnings before interest and taxes $ 55,899 Interest 2,899 Earnings before taxes $ 53,999 Taxes 17,999 Earnings after taxes $ 36,999 Dividends $ 14,499 Balance Sheet assets Liabilities and Shareholders' Equity Cash $19,999 Accounts payable $4,899 Accounts receivable 18,999 Accrued wages 2,999 Inventory 23,999 ccrued taxes 8,299 Current assets $51,999 Current liabilities $15,999 Capital assets 78,999 Notes payable 7,899 Longterm debt 19,999 Cannon stock 28,999 Retained earnings 59,299 Total assets $129,999 Total liabilities and equity $129,999 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 percentofsales method, determine whether Longbranch Western Wear has external financing needs. [Input the amount as a positive value.) The firm has V 55 in surplus funds V . b. Prepare a proforma balance sheet w'th any financing adjustment made to notes payable and excess, if any, shall reduce long term debt. [Input all answers as positive values. Be sure to list the assets and liabilities in order oftheir liquidity. Do not leave any empty spaces; input a 0 wherever it is required.) Ba ance Sheet Current assets Liabilities Cash V $ Accounts payable V $ Accounts receivable V Accrued wages V Inventory V Accrued taxes V Current assets $ Current liabilities $ CapitalAssets V Notes payable Long-term debt Common stock Retained earnings (((