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1. The most recent financial statements for Cardinal, Inc., are shown here: Balance Sheet $123,000 Debt Equity $29,600 93,400 Income Statement Sales $22,000 Assets Costs
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The most recent financial statements for Cardinal, Inc., are shown here: Balance Sheet $123,000 Debt Equity $29,600 93,400 Income Statement Sales $22,000 Assets Costs 17,500 Taxable $4,500 Total income Taxes (22%) 990 Net income $3,510 $123,000 Total $123,000 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,650 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $29,100. What is the external financing needed? Multiple Choice $33,471 $32,217 $37,235 $256,638 $30,962Step by Step Solution
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