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The 2018 nancial statements for Growth Industries are presented below. INCCHE STATEMENT, 2819 Sales 35 380,888 Costs 280,888 EBIT $ 180,088 Interest expense 20,088 Taxable

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The 2018 nancial statements for Growth Industries are presented below. INCCHE STATEMENT, 2819 Sales 35 380,888 Costs 280,888 EBIT $ 180,088 Interest expense 20,088 Taxable income $ 30,088 Taxes (at 21%] 15,888 Net income 35 63,288 Dividends $ 18,968 Addition to retained earnings $ 44,248 BALANCE SHEET, YEAREND, 2819 Assets Liabilities Current assets Current liabilities Cash 35 6,800 Accounts payable $ 13,000 Accounts receivable 11,800 Total current liabilities $ 13,000 Inventories 33.330 Long-term debt 288,000 Total current assets 35 58,800 Stockholders' equity Net plant and equipment 248,800 Common stock plus additional paidin capital 15,000 Retained earnings 62,000 Total assets '5 299.330 Total liabilities plus stockholders' equityr $ 293,309 [ Sales and costs are projected to grow at 30% a year for at least the next 4 years. Both current assets and accounts payable are projected to rise in proportion to sales. The rm is currently operating at 75% capacity, so it plans to increase xed assets in proportion to sales. Interest expense will equal 10% of longterm debt outstanding at the start of the year. The rm will maintain a dividend payout ratio of 0.30. What is the required external nancing over the next year? {Enter excess cash as a negative number 'with a minus sign.) _ . _ _ l

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