You have available the most recent Income Statement and the Balance Sheet as of the fiscal year end for Anthony & Co.; 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 sales for next year are forecast to be $5,000; and -Anthony's tax rate is 20%. Income Statement Sales Cost of Goods Sold Gross Profit $4,00 3,000 $1,000 800 Operating Expenses Interest Expense Net Income Before Taxes Provision for Taxes 40 $160 32 128 Net Income Balance Sheet $ 80 Cash Accounts Receivable 400 Inventory 600 1,080 200 $1,280 Current Assets Property Total Assets Notes Payable, Bank Accounts Payable Long-Term Debt, Current Current Liabilities 240 360 20 620 Long-Term Debt 160 $780 500 Total Liabilities Net Worth Total Liabilities & Net Worth $1,280 1. Use the percent of sales approach to estimate the amount of external financing Anthony & Co. will need next year. You have available the most recent Income Statement and the Balance Sheet as of the fiscal year end for Anthony & Co.; 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 sales for next year are forecast to be $5,000; and -Anthony's tax rate is 20%. Income Statement Sales Cost of Goods Sold Gross Profit $4,00 3,000 $1,000 800 Operating Expenses Interest Expense Net Income Before Taxes Provision for Taxes 40 $160 32 128 Net Income Balance Sheet $ 80 Cash Accounts Receivable 400 Inventory 600 1,080 200 $1,280 Current Assets Property Total Assets Notes Payable, Bank Accounts Payable Long-Term Debt, Current Current Liabilities 240 360 20 620 Long-Term Debt 160 $780 500 Total Liabilities Net Worth Total Liabilities & Net Worth $1,280 1. Use the percent of sales approach to estimate the amount of external financing Anthony & Co. will need next year