1 2 3 The most recent financial statements for Schenkel Co. are shown below. Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 30 percent dividend payout ratio. What is the internal growth rate? 4 5 6 $ 7 Sales Costs Taxable income Taxes Net income Current assets $ Fixed assets Total $ 16,200 10,400 5,800 2,320 3,480 10,100 Debt 26,500 Equity 36,600 Total 8 $ 16,400 20,200 $ 36,600 $ 9 0 $ 11 12 Payout ratio Tax rate 30% 21% 13 14 15 15 16 Complete the following analysis. Do not hard code values in your calculations. 17 18 Return on assets 19 20 Retention ratio 21 22 Internal growth rate 23 24 25 26