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A company's sales in 2020 were $2.6 million and its total spontaneous assets were $4.1 million. Also in the same year, the firm's spontaneous liabilities
A company's sales in 2020 were $2.6 million and its total spontaneous assets were $4.1 million. Also in the same year, the firm's spontaneous liabilities consisted of $2.9 million in wages payable, $2.8 million in accounts payable, and $6.4 million in accrued expenses. The firm's profit margin is 4.7% and its dividend payout ratio is 6.9%. The balance sheet at year-end is similar in percentage of sales to that of previous years and this will continue in the future. Required: What is the percentage increase in sales that the company must achieve in order to avoid raising funds externally? Note: The term "K" is used to represent thousands (* $1,000). % (ROUND YOUR ANSWER TO 2 DECIMAL PLACES. FOR EXAMPLE: 17.23)
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