The Jackman Company had sales of $1,000,000 and net income of $50,000 last year. Sales are expected to increase by 20 percent next year. Selected year-end balance sheet items were: Current assets = $400,000; Fixed assets = $500,000; Total assets = $900,000; Current liabilities = $200,000; Long-term debt = $200,000; Owners' equity = $500,000; and Total liabilities and equity = $900,000 a) Express each balance sheet item as a percent of this year's sales. b) Estimate the new asset investment requirement for next year, assuming no excess production capacity. C) Estimate the amount of internally generated funds for next year, assuming all profits will be retained in the firm. d) If all current liabilities are expected to change spontaneously with sales, what will be their dollar increase next year? Maximum number of characters (including HTML tags added by text editor): 32,000 axo @T Preview BI V S x, X EE" Normal - Font Size A. A Accessibility a) The year 2020 Revenue $1,000,000 Current assets = $400,000/$1,000,000=40% Desktop ASUS ZenBook