BBased on Jim's expectation of 10.0 % sales growth and payout ratio of 90 % of net income next year, Jim developed the pro forma financial statements given below. What is the amount of net new financing needed for Jim's Espresso?

Income Statement Balance Sheet Sales $220,000 Assets Costs Except Depreciation (110,000) Cash and Equivalents $16,500 EBITDA $110,000 Accounts Receivable 2,200 Depreciation (6,600) Inventories 4,400 EBIT $103,400 Total Current Assets $23,100 Interest Expense (net) (440) Property, Plant, and Equipment 11,000 Pretax Income $102,960 Total Assets $34,100 Income Tax (36,036) Net Income $66,924 Liabilities and Equity Accounts Payable $1,650 Debt 4,000 Total Liabilities $5,650 Stockholders' Equity $32,192 Total Liabilities and Equity $37,842

The total new a.______finacing will be b._______$.

a. Excess or required

b. ______$