Based on the excel information provided, please answer the following using excel formula's:

1. Assume you are sitting in a board meeting discussing the firm’s plans for sales growth. You are telling the board that you expect to grow sales by 20 %. After explaining your plan, a board member asks you for an estimate of how much funding you will need in 2020. What is your answer if you use the formula for External Funds Needed?
2. Now assume the board member asks whether or not you can achieve the growth holding your capital structure constant. What is your answer?

B D F K 3 Balance Sheet Income Statement 4 Assets: 2019 2018 Liab+Eq: 2019 2018 2019 $ 160 $ $ 575 $ $ 555 $ $ 1,290 $ 1,059 $ 1,509 Cost of Goods Sold $ 900 $ 90 Cash 154 ayable 266 $ 100 Sales 6. Accounts Receivable 455 Accruals 200 $ 150 7 Inventory 450 Total Current 466 $ 250 Depreciation 8 Total Current Operating Income $ 519 9. Long-Term Debt 380 $ 350 10 Net Fixed Assets $ 1,650 $ 1,400 $ 2,940 $ 2,459 Total Liab 846 $ 600 Interest Expense 70 11 Total Assets Pre-tax Income $ 449 12 Common @ Par 55 $ 45 13 Capital Surplus 585 $ 494 xes $ 212 14 Retained Earnings $ 1,504 $ 1,370 Net Income 237 15 Treasury Stock $ (50) $ (50) 16 Total Eq $ 2,094 $ 1,859 Dividends $ 103 17 Total Liab & Eq 2,940 $ 2,459 Addition to RE's $ 134 18 19 20