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The Longbranch Western Wear Company has the following financial statements, which are representative of the company's historical average. Longbranch is expecting a 20 percent increase

image text in transcribedimage text in transcribed The Longbranch Western Wear Company has the following financial statements, which are representative of the company's historical average. Longbranch is expecting a 20 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. 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.) c. Calculate the current ratio and total debt to assets ratio for each year. (Round the final answers to 2 decimal places.)

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