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u Course Hero X m Chapter 4 Assignment X + ( 6 C i newconnectmheducation.com/flow/connect.html ' Updates Not Installed Details @ Some updates could not be installed a American Accent." m Homepage - Britism BCIT Computer 6 Foundations of FL. m Connect To Do A... * My Account automatically. "15'3" Chapter 4 Asslgnment 0 Saved Help Save a Exlt Submlt Check my work The Longbranch Western Wear Company has the following nancial statements, which are representative of the company's historical average. 10 Income Statement palms Sales $200,000 Expenses 154 , 500 Earnings before interest and taxes 5 45,500 Interest 3,500 eBook Earnings before taxes $ 42,000 P. Taxes w "m Earnings after taxes $ 30,000 References Dividends w I Balance sheet Asletl Liabilities and shueholdarl' Equity Cash $9,000 Accounts payable $15,500 Accounts receivable 25,000 Accrued wages 2,700 Inventory 30,000 Accrued taxes 13,800 Current assets $64,000 Current liabilities $32,000 Capital assets 85,000 Notes payable 8,500 Longterm debt 22,500 Common stock 35,000 Retained earnings 51,000 Total assets $149,000 Total liabilities and equity $149,000 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. 0f liabilities, only current liabilities vary directly with sales. a. Using a percent-of-sales method, determine whether Longbranch Western Wear has external nancing needs. (Input the amount as a positive value.) Ther_s all: \"raw u Course Hero X m Chapter 4 Assignment X +