A firm has the folowing account balances for this year. Sales for the year are 5500,000. Projected sales for next year are 5545,000. The percentage of sales approach is used for pro forma purposes. All balance sheet accounts, except long-term debt and common stock, change according to that approach. The firm plans to decrease the long-term debt balance by $5,000 next year. Retained earnings is expected to increase by $3,500 next year. What is the projected external financing need? Current assets Net fixed assets Current liabilities Long-term debt Common stock Retained earnings $ 48,000 $150,000 $ 48,000 $ 23,000 $ 36,000 $ 40,000 $14,720 $10,520 $25,620 $20.720 $18.520 QUESTION 20 What is the investment cash flow, given the following information? $ 600 Net Income Depreciation Issuance of new stock Repayment of long-term debt Sale of old equipment Purchase of new equipment Dividend payments Interest payments 40 70 100 -$10 $20 $100 520 $10 QUESTION 21 Return on equity is equal to which one of the following? O revenue divided by total equity retained earnings divided by total equity dividend yield divided by total equity net incorne divided by total equity operating cash flow divided by total equity QUESTION 22 For the year, Widgets Manufacturing, Inc. Increased its current assets accounts by $45,000, decreased its current liabilities by $37,000, and decreased its fixed assets by $48,000. What is the investment cash flow for the year? $12.000 $19.000 $48.000 $31,000 $31,000