b. Prepare a pro forma balance sheet with any financing adjustment made to notes payable and excess, if any, shall reduce long term debt. (Input all answers as positive values. Be sure to list the assets and liabilities in order of their liquidity. Do not leave any empty spaces; input a 0 wherever it is required.) Balance Sheet Current assets Liabilities # Cash 11250 Accounts payable 3375 Accounts receivable 9 Accrued wages # 2375 21250 27500 Inventory # Accrued taxes # 9250 Current assets Capital Assets Current liabilities $ 15000 60000 77000 Notes payable B Long-term debt : $ Common stock : 27000 Retained earnings : 75800 Total assets Total liabilities and equity c. Calculate the current ratio and total debt to assets ratio for each year. (Round the final answers to 2 decimal places.) Year 1 Year 2 Current ratio Total debt/ assets $ The Longbranch Western Wear Company has the following financial statements, which are representative of the company's historical average. Income Statement Sales Expenses $200,000 149,300 $ 50,700 Earnings before interest and taxes Interest Earnings before taxes Taxes 2,700 $ 48,000 16,000 Earnings after taxes $ 32,000 $ 16,000 Dividends Balance Sheet Assets Cash Liabilities and Shareholders' Equity Accounts payable $9,000 $2,700 Accounts receivable 17,000 Accrued wages 1,900 Inventory 22,000 Accrued taxes 7,400 Current assets Capital assets $48,000 Current Liabilities 77,000 Notes payable $12,000 7,700 18,500 Long-term debt Common stock 27,000 Retained earnings 59,800 Total assets $125,000 Total liabilities and equity $125,000 Longbranch is expecting a 25 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 capital assets; instead, it will be done through more efficient asset utilization in the existing stores. Of liabilities, only current liabilities vary directly with sales. a. Using a percent-of-sales method, determine whether Longbranch Western Wear has external financing needs. (Input the amount as a positive value.) The firm has $in (Click to select) b. Prepare a pro forma balance sheet with any financing adjustment made to notes payable and excess, if any, shall reduce long term maoithin ne let the standa