Assets and costs are proportional to sales; debt and equity are not. A dividend of $1,400 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $23,345. What external financing is needed? Assets and costs are proportional to sales. Long-term debt and equity are not. The company maintains a constant 40 percent dividend payout ratio and a constant debt-equity ratio. What is the maximum increase in sales that can be sustained assuming no new equity is issued