Problem 4-5 EFN (LO2] The most recent financial statements for Assouad, Inc., are shown here: Income Statement Sales $10,500 Balance Sheet Current assets $ 4.950 Current liabilities Fixed assets 9,900 Long-term debt $ 3,075 Costs 7.450 4.610 Taxable income $ 3,050 Equity 7,165 Taxes (22%) 671 Total $14,850 Total $14,850 Net income $ 2,379 Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 45 percent dividend payout ratio. As with every other firm in its industry, next year's sales are projected to increase by exactly 14 percent. What is the external financing needed? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) External financing needed |