The Longbranch Western Wear Company has the following financial statements, which are representative of the company's historical average Toate Sales Expenses Earnings before interest and taxes Interest Tarnings before taxe $210,000 156,500 $ 33,500 2.000 $50.500 19.000 $31.500 Earnings after taxes Dividends Asset Canh Accounts receivable Taventory Current asset Capital este $9.000 2,200 Balance Sheet Liabilities and shareholders 4,000 Accounts payable 20,000 Accrued ages 25,000 Meerued taxe 549.000 Current abilities 90.000 Motee payable Tong-term debt Conon stock Retained earnings $129.000 Total liabilities and equity 321,000 3.000 20,000 30,000 50.000 $129.000 Total set Longbranch is expecting a 25 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 1. Using a percent-of-sales method, determine whether Longbranch Western Wear has external financing needs. (input the amount as a positive value.) The firm (Click to select)y S (Click to select) b. Prepare a pro forma balance sheet with any financing adjustment made to notos payable and excess, if any, shall reduce long term Prey 1 of 2 !!! Next > through more efficient asset utilization in the existing stores. Of liabilities, only current Habilities vary directly with sales. 2. Using a percent-of-sales method, determine whether Longbranch Western Wear has external financing needs. (input the amount as a positive value.) The firm (Click to select) $ in (Click to select) b. Prepare a pro forma balance sheet with 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 of their liquidity. Do not leave any empty spaces; input a 0 wherever it is required.) Balance Sheet tilabilities Current ansets (Click to select) Click to select) (Click to select) (Click to select) (Click to select) Click to select) Curront annet $ 5 (Click to select Current liabilities Click to select Click to select) Click to select) Click to select) Total asset Total 1tabilities and equity c. Calculate the current ratio and total debt to assets ratio for each year, (Round the final answers to 2 decimal places.) Year Year 2 current ratio Total debt/ anneta Proy 1 of 2 18 Next >