The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 Sales Casts EBIT Interest expense Taxable income Taxes (at 21%) Net income Dividends $36,656 Addition to retained earnings $ 54,994 $ 390,ce 245.000 $ 145,00 29,20 $ 116,000 24,360 $ 91,640 Assets Current assets Cash Accounts receivable Inventories Total current assets Net plant and equipment BALANCE SHEET, YEAR-END, 2819 Liabilitics Current liabilities $ 8. Bee Accounts payable 13, eee Total current liabilities 29. ove Long-term debt $ se,ese Stockholders' equity 330, ove Common stock plus additional paid in capital Retained earnings $ 380,000 Total liabilities plus stockholders' cquity $ 15.000 $ 15,eee 290.000 15,80 68,28 $ 380,ege Total assets 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 firm is currently operating at 75% 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 0.40. What is the required external financing over the next year? (Enter excess cash as a negative number with a minus sign.) External financing The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 Sales Costs EBIT Interest expense Taxable income Taxes (at 21%) Net income Dividends $ 36,656 Addition to retained earnings $ 54,984 $ 390,000 245,888 $ 145,888 29,800 $ 116,880 24,360 $ 91,640 Assets Current assets Cash Accounts receivable Inventories Total current assets Net plant and equipment BALANCE SHEET, YEAR-END, 2019 Liabilities Current liabilities $ 8,888 Accounts payable 13,000 Total current liabilities 29,800 Long-term debt $ 50,000 Stockholders' equity 330,000 Common stock plus additional paid-in capital Retained earnings $ 380,000 Total liabilities plus stockholders' equity Total assets $ 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 firm is currently operating at 75% 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 0.40. What is the required external financing over the next year? (Enter excess cash as a negative number with a minus sign.) External financing The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 Sales Casts EBIT Interest expense Taxable income Taxes (at 21%) Net income Dividends $36,656 Addition to retained earnings $ 54,994 $ 390,ce 245.000 $ 145,00 29,20 $ 116,000 24,360 $ 91,640 Assets Current assets Cash Accounts receivable Inventories Total current assets Net plant and equipment BALANCE SHEET, YEAR-END, 2819 Liabilitics Current liabilities $ 8. Bee Accounts payable 13, eee Total current liabilities 29. ove Long-term debt $ se,ese Stockholders' equity 330, ove Common stock plus additional paid in capital Retained earnings $ 380,000 Total liabilities plus stockholders' cquity $ 15.000 $ 15,eee 290.000 15,80 68,28 $ 380,ege Total assets 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 firm is currently operating at 75% 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 0.40. What is the required external financing over the next year? (Enter excess cash as a negative number with a minus sign.) External financing The 2019 financial statements for Growth Industries are presented below. INCOME STATEMENT, 2019 Sales Costs EBIT Interest expense Taxable income Taxes (at 21%) Net income Dividends $ 36,656 Addition to retained earnings $ 54,984 $ 390,000 245,888 $ 145,888 29,800 $ 116,880 24,360 $ 91,640 Assets Current assets Cash Accounts receivable Inventories Total current assets Net plant and equipment BALANCE SHEET, YEAR-END, 2019 Liabilities Current liabilities $ 8,888 Accounts payable 13,000 Total current liabilities 29,800 Long-term debt $ 50,000 Stockholders' equity 330,000 Common stock plus additional paid-in capital Retained earnings $ 380,000 Total liabilities plus stockholders' equity Total assets $ 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 firm is currently operating at 75% 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 0.40. What is the required external financing over the next year? (Enter excess cash as a negative number with a minus sign.) External financing