Problem 23-04 BBP, Inc., with sales of $400,000, has the following balance sheet: BBP, Incorporated Balance...

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Problem 23-04 BBP, Inc., with sales of $400,000, has the following balance sheet: BBP, Incorporated Balance Sheet as of 12/31/X0 Assets Liabilities and Equity Cash $ 20,000 Accounts payable $ 16,000 Accounts receivable 40,000 Accruals 28,000 Inventory 60,000 Notes payable 50,000 Current assets 120,000 Current liabilities 94,000 Fixed assets 185,000 Total assets $305,000 Common stock Retained earnings Total liabilities and equity 100,000 111,000 $305,000 The firm earns 13 percent on sales and distributes 30 percent of its earnings. Using the percent of sales, determine whether the firm will need external funds and forecast the new balance sheet for sales of $480,000 assuming that cash changes with sales and that the firm is not operating at capacity. Use newly issued short-term debt to cover any needs for additional finance. If the firm has excess funds, add them to cash. Round your answers to the nearest dollar. Enter your answers as positive values. The firm will have excess funds of $ BBP, Incorporated Balance Sheet as of 12/31/X1 Assets Cash Accounts receivable Inventory Current assets Fixed assets Total assets Liabilities and Equity Accounts payable Accruals Notes payable Current liabilities Common stock Retained earnings Total liabilities and equity Would your answers be different if the firm distributed all of its earnings? Round your answers to the nearest dollar. Enter your answer as a positive value. funds of $ If management distributed all the firm's earnings, it will need external Problem 23-04 BBP, Inc., with sales of $400,000, has the following balance sheet: BBP, Incorporated Balance Sheet as of 12/31/X0 Assets Liabilities and Equity Cash $ 20,000 Accounts payable $ 16,000 Accounts receivable 40,000 Accruals 28,000 Inventory 60,000 Notes payable 50,000 Current assets 120,000 Current liabilities 94,000 Fixed assets 185,000 Total assets $305,000 Common stock Retained earnings Total liabilities and equity 100,000 111,000 $305,000 The firm earns 13 percent on sales and distributes 30 percent of its earnings. Using the percent of sales, determine whether the firm will need external funds and forecast the new balance sheet for sales of $480,000 assuming that cash changes with sales and that the firm is not operating at capacity. Use newly issued short-term debt to cover any needs for additional finance. If the firm has excess funds, add them to cash. Round your answers to the nearest dollar. Enter your answers as positive values. The firm will have excess funds of $ BBP, Incorporated Balance Sheet as of 12/31/X1 Assets Cash Accounts receivable Inventory Current assets Fixed assets Total assets Liabilities and Equity Accounts payable Accruals Notes payable Current liabilities Common stock Retained earnings Total liabilities and equity Would your answers be different if the firm distributed all of its earnings? Round your answers to the nearest dollar. Enter your answer as a positive value. funds of $ If management distributed all the firm's earnings, it will need external