GENATRON MANUFACTURING CORPORATIONBALANCE SHEET 2012 2011ASSETSCash $40,000 $50,000Accts. receivable 260,000 200,000Inventory 500,000 450,000Total current assets 800,000 700,000Fixed assets, net 400,000 300,000Total assets $1,200,000 $1,000,000LIABILITIES AND EQUITYAccts. Payable $170,000 $130,000Bank loan 90,000 90,000Accruals 70,000 50,000Total current liabilities 330,000 270,000Long-term debt, 12% 400,000 300,000Common stock, $10 par 300,000 300,000Capital surplus 50,000 50,000Retained earnings 120,000 80,000Total liabilities & equity $1,200,000 $1,000,000INCOME STATEMENT 2012 2011Net sales $1,500,000 $1,300,000Cost of goods sold 900,000 780,000INCOME STATEMENT 2012 2011Gross profit 600,000 520,000Expenses: generaland administrative 150,000 150,000Marketing 150,000 130,000Depreciation 53,000 40,000Interest 57,000 45,000Earnings before taxes 190,000 155,000Income taxes 76,000 62,000Net income $114,000 $93,000Genatron Manufacturing expects its sales to increase by 10percent in 2013. Estimate the firm’s external financing needs byusing the percent-of-sales method for the 2012 data. Assume that noexcess capacity exists and that one-half of the 2012 net income willbe retained in the business.

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