A firms balance sheet and income statements for 2022 & 2023 are shown below. It is currently utilizing 90% of its production capacity.

a) Write the Statement of Cash Flows for this fictional firm for 2023. Please write all your work. If you want to use Excel, that is ok, but please show the formulas you used.

b) What is the External Funds Needed if sales grow 5% in the next year?

c) What is the External Funds Needed if sales grow 20% in the next year?

Income Statement	Year ended 12/31/2023		Year ended 12/31/2022
Total Revenue	12,000		11,000
Cost of Goods Sold	5,000		4,890
Depreciation & Amortization	1,231		1,122
Earnings Before Interest and Taxes (EBIT)	5,769		4,988
Interest Expense	332		290
Taxable Income	5,437		4,698
Tax Expense	1,080		931
Net Income (Loss)	4,357		3,767
Balance Sheet	Year ended 12/31/2023		Year ended 12/31/2022
Assets
Current assets:
Cash and cash equivalents	27,157		24,161
Accounts receivable	598		345
Inventory	898		1,234
Total current assets	28,653		25,740
Net Fixed Assets	34,000		33,712
Total assets	62,653		59,452
Liabilities and stockholders' equity
Current liabilities:
Accounts payable & Accrued Operating Liabilities	361		451
Short-term Notes Payable	2,357		2,123
Total current liabilities	2,718		2,574
Long Term Debt	4,578		4,578
Total liabilities	7,296		7,152
Stockholders' equity:
Common stock & Paid-in Capital	2,300		2,300
Retained Earnings	53,057		50,000
Total stockholders' equity	55,357		52,300
Total liabilities and stockholders' equity	62,653		59,452