Problem 4-3 Calculating EFN. Calculating EFN - Excel ? - FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri - 11 - A" A % Paste BIU - - & . A - Alignment Number Conditional Format as Cell Cells Editing Formatting * Table * Styles Clipboard Font Styles A1 X AB D E G H K 2 The most recent financial statements for Hornick, Inc., are shown below (assuming no income 3 taxes). Assets and costs are proportional to sales. Debt and equity are not. No dividends are paid. Next year's sales are projected to be $8,968. What is the external financing needed? Income statement Balance sheet Sales S 7,600 Assets $ 21,700 Debt 9, 100 Costs 5, 180 Equity 12,600 Net income 2,420 Total 21,700 Total $ 21,700 11 Next year's sales 8,968 13 14 Complete the following analysis. Do not hard code values in your calculations. 16 Percent increase in sales 17 18 Pro forma income statement Pro forma balance sheet 19 Sales Assets Debt 20 Costs Equity Net income Total Total 22 23 External financing