The Manning Company has financial statements as shown next, which are representative of the company's historical average

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The Manning Company Has Financial Statements As Shown Next Which Are Representative Of The Company S Historical Average 1 (32.18 KiB) Viewed 9 times

The Manning Company Has Financial Statements As Shown Next Which Are Representative Of The Company S Historical Average 2 (30.53 KiB) Viewed 9 times

The Manning Company has financial statements as shown next, which are representative of the company's historical average. The firm is expecting a 35 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 fixed assets, but rather through more efficient asset utilization in the existing store. Among liabilities, only current liabilities vary directly with sales. Income Statement Sales Expenses Earnings before interest and taxes Interest Earnings before taxes Taxes Earnings after taxes Dividends TARA! A Assets Cash Accounts receivable Inventory Current assets Fixed assets $260,000 206,000 $ 54,000 8,700 $ 45,300 16,700 $ 28,600 $ 8,580 $ 104,000 97,000 Balance Sheet Liabilities and Stockholders' Equity $ 5,000 Accounts payable 39,000 60,000 Accrued wages Accrued taxes Current liabilities Notes payable Long-term debt Common stock Retained earnings $ 201,000 Total liabilities and stockholders' equity $ 24,600 2,050 4,550 $ 31,200 8,700 25,500 121,000 16,600 $ 201,000
ancial Analysis, Forecasting and Lever Earnings before taxes Taxes 49 Earnings after taxes Dividends Assets Cash Accounts receivable. Inventory Current assets Fixed assets Total assets $ 5,000 39,000 60,000 $104,000 97,000 The firm $ 45,300 16,700 $ 28,600 $ 8,580 Balance Sheet Saved Liabilities and Stockholders Equity Accounts payable Accrued wages Accrued taxes Current liabilities Notes payable Long-term debt Common stock Retained earnings $ 201,000 Total liabilities and stockholders' equity $ 24,600 2,050 4,550 $ 31,200 8,700 23,500 121,000 16,600 $ 201,000 Help Save & Exit Submit Using the percent-of-sales 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.)