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D Connect 1 E] https eztomheducationcom berry Home N Blackboard 9' liege EMail in tin Indeed Thrlft Sewn, '- Otherlavorites Examl 0 Saved Help SavesExit Submit The Manning Company has nancial statements as shown next, which are representative of the company's historical average. The firm is expecting a 40 percent increase in sales next year, and management is concerned about the company's need for external funds. 1 6 The increase in sales is expected to be carried outwithout 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. In tome Statement Sales $249,999 4 Expenses 179,999 poms Earnings before interest and taxes $ 61,999 Interest 3,599 Earnings before taxes at 52,599 Taxes 16,599 Earnings after taxes 1% 36,999 Dividends $ 16,299 Balance Sheet Assets Liabilities and stockholders' Equity Cash 1, 3,999 Accounts payable 3, 29,699 Accaunts receivable 52,999 Accrued wages 1,959 Inuentury 55,999 Accrued taxes 4,459 Current assets $129,999 Current liabilities $ 36,999 Fixed assets 95,999 Notes payable 9,599 Long-term debt 22,599 Common Stock 119,868 Retained earnings 29,999 \"tel assets $215,999 Total liabilities and stockholders' equity $ 215,999 Using the percentaofasales 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.) Them- l' hi it