Using the percent of sales method, calculate required new funds. Does the company need to raise funds? If yes, state and explain one internal and one external method company can use to raise the necessary funds.

The balance sheet below is typical of the firms historical averages. It is expecting sales to increase by 12% over the last year sales of $245,000. The company is operating at capacity and its current assets and current liabilities change spontaneously with change in sales. Retained earnings at the beginning of the year were $20,000 and the company paid dividends of $8,000 during the year. Calculate all numbers to four places after the decimal point until the final answer is figured out.

Liabilities & SE Assets Cash Accounts receivables 45.000 Accrued taxes Inventory6 $4,000 Accounts payable $14.000 13,000 22,000 120,000 30,000 65.000 Bonds pavable et fixed assets 85,000 Common stock Retained earning:s