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Problem 4-28 Percent-of-sales method [LO4-3] The Manning Company has financial statements as shown next, which are representative the company's historical average The firm is expecting a 30 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 fixed assets, but rather through more efficient asset utilization in the existing store. Among liabilities, only current liabilities vary directly with sales Sales Expenses Earnings before Interest and taxes Interest Earnings before taxes Taxes Earnings after taxes Dividends $260.000 197,80 $62,200 26 $ 54,600 15,600 $ 39,000 $ 9,50 Assets Cash Accounts receivable Inventory Current assets Fixed assets Balance Sheet Liabilities and Stockholders' Equity 59,eee Accounts payable 74,000 Accrued wages 99,000 Accrued taxes $ 162,000 Current liabilities 86.000 Notes payable Long-term debt Common stock Retained earnings $ 268,000 Total liabilities and stockholders' equity $ 23,000 1,300 3,800 528,600 7,600 18,000 126,000 67,300 $ 268, een Total assets Using the percent-of-sales method determine whether the company has external financing needs, or a surplus of funds. (Hint: A profit margin and payout ratio must be found from the income statement) (Do not round intermediate calculations.) Answer is complete but not entirely correct. The firm needs $42.120 in external funds