Suppose that you are a smaller, more niche player in the footwear market and you are expanding production. Use the information provided in the Part 2 box to forecast the 2021 balance sheet and any additional funds needed. You are projecting for 2021 (next year) and I have proved you with 2020 data (last year). Assume that you are operating at full capacity and that you are already planning a notes payable increase of $25 thousand. You do not currently plan to issue any equity or long-term debt. You are a young firm, so you do not pay an ongoing dividend. However, you do plan on making a $100 thousand "special dividend" payment to yourself and your other investors, which will come out of net income. Use the 2020 percentage of sales to forecast the other balance sheet items for 2021.

a) Given this information provided, does your firm need to raise additional funds? If so, how much?

Part 2 - AFN Forecasting2020

Sales$4,000

Projected Sales Growth25%

Projected Profit Margin8%

Cash$125.00

Receivables$225.00

Inventories$300.00

Total current assets$650.00

Net fixed assets$900.00

Total assets$1,550.00

Accounts payable$75.00

Notes payable$55.00

Accruals$20.00

Total current liabilities$150.00

Long-Term Debt$350.00

Common stock$700.00

Retained earnings$350.00

Total liab. and equity$1,550.00

All numbers are in thousands.Please show working and calculations in excel with the formulas.