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Excellent Catering is forecasting that sales next year will be $ 8 , 6 4 0 , 0 0 0 , a 2 0 percent

Excellent Catering is forecasting that sales next year will be $8,640,000, a 20 percent increase over current sales. Excellent Catering has total assets of $3,840,000 and all assets will increase proportionately with sales. Of the current liabilities, only accounts payable (now $740,000) will increase with sales. What total financing will be needed by this company to support the expected sales increase?
a.
$317600
b.
$465.000
c.
$620,000
d.
$840,400

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