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Jill's Wigs Inc. had the following balance sheet last year: Cash $800 Accounts receivable $450 Inventory $950 Net fixed assets $34,000 Total assets $36, 200 Accounts payable $350 Accrued wages $150 Notes payable $2,000 Mortgage $26, 500 Common stock $3, 200 Retained earnings $4,000 Total liabilities and equity $36, 200 Jill has just invented a nonslip wig for cancer patients which she expects will cause sales to double from $10,000 to $20,000. increasing net income to $1,000. She feels that she can handle the increase without adding any fixed assets. Will Jill need any outside capital if she pays no dividends and, if yes, how much? Cash $1, 600 Accounts receivable $900 Inventory $1, 900 Net fixed assets Total assets $4, 400 Accounts payable $700 Accrued wages $300 Notes payable $2,000 Mortgage $26, 500 Common stock $3, 200 Retained earnings $5,000 Total liabilities and equity $37, 700 External financing requirement = $38, 400 - $37, 700 = $700