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Owens Electronics has nine operating plants in seven southwestern states. Sales for last year were $100 million, and the balance sheet at year-end is similar

Owens Electronics has nine operating plants in seven southwestern states. Sales for last year were $100 million, and the balance sheet at year-end is similar in percentage of sales to that of previous years (and this will continue in the future). All assets (including fixed assets) and current liabilities will vary directly with sales. The firm is working at full capacity.

Balance Sheet (in $ millions)

Assets

Liabilities and Stockholders' Equity

Cash

$

6

Accounts payable

$

19

Accounts receivable

24

Accrued wages

6

Inventory

27

Accrued taxes

12

Current assets

$

57

Current liabilities

$

37

Fixed assets

44

Notes payable

14

Common stock

19

Retained earnings

31

Total assets

$

101

Total liabilities and stockholders' equity

$

101

Owens Electronics has an aftertax profit margin of 9 percent and a dividend payout ratio of 40 percent.

If sales grow by 15 percent next year, determine how many dollars of new funds are needed to finance the growth. (Do not round intermediate calculations. Enter your answer in dollars, not millions, (e.g., $1,234,567).)

Im getting 15,520,000 but I dont think its right :-(

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