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I keep getting the wrong answer as I calculate this, can you help me figure it out? The 2017 financial statements for Grovv'th Industries are

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I keep getting the wrong answer as I calculate this, can you help me figure it out?

image text in transcribed

The 2017 financial statements for Grovv'th Industries are presented below. INCOME STATEMENT, Zelj 280,oe 198,oe BALANCE SHEETS YEAR-END, 2017 188,ee 220,ee 270,ee 27,eee Sales Cos ts EBIT Interest expense Taxable income Taxes (at 35%) Net income Divi dends Addition to retained earnings Assets Current assets Cash Accounts receivable Inventories Total current assets Net plant and equipment Total assets 90 , eee 18, eee 72, eee 25,20e 46, 8ee $ 23,40e 23,40e 4,ee 9, eee 37 , eee 50, eee Liabilities Current liabilities Accounts payable Total current liabilities Long-term debt Stockholders' equity Common stock plus additional paid-in capital Retained earnings Total liabilities and stockholders ' equity 11, eee 11, eee 15, eee 64, eee Sales and costs are projected to grow at 40% a year for at least the next 4 years. Both current assets and accounts payable are projected to rise in proportion to sales. The firm is currently operating at 70% capacity, so it plans to increase fixed assets in proportion to sales. Interest expense will equal 10% of long-term debt outstanding at the stan of the yean The firm will maintain a dividend payout ratio of 0.50 What is the required external financing over the next year? (Enter excess cash as a negative number with a minus sign.) External financing :

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