Please use excel spreadsheet to solve problemprovide excel formulas used to find solution

3. EEM, Inc. has the following balance sheet: EEM, Incorporated Balance Sheet as of 12/31/X0 Assets Liabilities and Equity Cash $ 1,000 Accounts payable $ 5,300 Accounts receivable 7,200 Bank note payable 3,200 Inventory 6,100 Long-term assets 4,200 Equity 10,000 $18.500 $18,500 It has estimated the following relationships between sales and the various assets and liabilities that vary with the level of sales: Accounts receivable - $3,310 + 0.35 Sales, Inventory = $2,264 + 0.28 Sales, Accounts payable - $1,329 + 0.22 Sales. a. If the firm expects sales of $25,000, what are the forecasted levels of the bal- ance sheet items above? b. Will the expansion in accounts payable cover the expansion in inventory and accounts receivable? c. If the firm earns 12 percent on sales after taxes and retains all of these earn- ings, what is the forecasted equity? d. Construct a new balance sheet that incorporates the issuing of additional short-term debt to cover any needs for additional finance. If the firm has ex- cess funds, add them to cash