The 2019 financial statements for Growth Industries are presented below. Sales Costs Interest expense Taxable income Taxes (at 21%) Net income Dividends Addition to retained earnings Current Cash INCOME STATEMENT, 2019 Total assets Assets Accounts receivable Inventories Total current assets Net plant and equipment $ 28,440 $ 18,960 $ 8,000 13,000 29,000 $ 50,000 190,000 $ 250,000 175,000 BALANCE SHEET, YEAR-END, 2019 $ 240,000 $ 75,000 15,000 $ 60,000 12,600 $ 47,400 Liabilities Current liabilities Accounts payable Total current liabilities Long-term debt Stockholders' equity Common stock plus additional paid-in capital Retained earnings Total liabilities plus stockholders' equity What is the required external financing over the next year? Note: Enter excess cash as a negative number with a minus sign. $ 15,000 $ 15,000 150,000 15,000 60,000 $ 240,000 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 start of the year. The firm will maintain a dividend payout ratio of 0.60.

The 2019 financial statements for Growth Industries are presented below. 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 fxed assets in proportion to sales. Interest expense will equal \10 of long-term debt outstanding at the start of the year. The firm will maintain a dividend payout ratio of 0.60 . What is the required external financing over the next year? Note: Enter excess cash as a negative number with a minus sign