The most recent financial statements for Hornick, Inc., are shown here (assuming no income taxes): Income Statement S 6,500 4,610 Balance Sheet Debt Equity
The most recent financial statements for Hornick, Inc., are shown here (assuming no income taxes): Income Statement S 6,500 4,610 Balance Sheet Debt Equity $ 9,500 14,000 Sales Assets $23,500 Costs Net income S 1,890 Total $23.500 Total $23,500 Assets and costs are proportional to sales. Debt and equity are not No dividends are paid. Next year's sales are projected to be $7.150. What is the external financing needed? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
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