A company has forecasted net income to be $540,000. Net income was $425,000 in the prior year, when they also paid dividends of $80,000. What are forecasted dividends if the company wants to keep the payout ratio constant?

Using the tax table provided in Figure 10.3, determine the average and marginal tax rates for a company that earned $110,000 in taxable income.

Marginal Tax Rate	Taxable Income Portion Subject to That Rate
15%	0$50,000
25%	$50,001$75,000
34%	$75,001$100,000
39%	$100,001$335,000
34%	$335,001$10,000,000
35%	$10,000,001$15,000,000
38%	$15,000,001$18,333,333
35%	$18,333,333+

A company has the following information for the current year:

Current assets	$42,500	Current liabilities	$24,650
Noncurrent assets	224,000	Noncurrent liabilities	173,200
Total assets	$266,500	Retained earnings	19,475
		All other equity	49,175
		Total liabilities and equity	$266,500

Sales revenue is forecasted to grow by 14% next year, forecasted net income is expected to be $30,000, and all current assets and current liabilities vary proportionally with sales. If $45,000 worth of net noncurrent assets are required to be purchased next year, what is the external financing needed? Assume that the company does not pay dividends, and that all noncurrent liabilities and equity (except retained earnings) will be the same level as the current year.