Use the CASH CYCLE approach. Do question (2).

You have available the Income Statement for 2018 and the Balance Sheet as of the fiscal year end 2018 for Anthony & Co.i all dollar amounts are in thousands Note that: Anthony's long-term debt is being reduced at the rate of $20 per year; -Anthony's has no plans to expand its property -Anthony's 2019 sales are forecast to be $5,000 and, -Anthony's tax rate is 20% $4,000 3,000 $1,000 800 Sales Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Net Income Before Taxes Provision for Taxes Net Income $ 160 $ 80 400 600 1,080 200 $1280 Cash Accounts Receivable Inventory Current Assets Property Total Assets Notes Payable, Bank Accounts Payable Long-Term Debt, Current Current Liabilities Total Liabilities Total Liabilities 240 360 20 620 160 $780 500 Long-Term Debt Net Worth & Net Worth 1. Use the percent of sales approach to estimate the amount of external financing Anthony & Co. will need by year-end 2019 2. Use the cash cycle approach to estimate the amount of external funding Anthony & Co. will need by year-end 2019