The 2019 financial statements for Growth Industries are presented below.

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 0.30.

What is the required external financing over the next year? (Enter excess cash as a negative number with a minus sign.)

Below are what I'm keying in the spreadsheet I'm missing something...

INCOME STATEMENT, 2019 Sales Costs EBIT Interest expense Taxable income Taxes (at 21%) Net income Dividends $ 18,960 Addition to retained earnings $ 44,240 $ 300,000 200,000 $ 100,000 20,000 80,000 16,800 63,200 Assets Current assets Cash Accounts receivable Inventories Total current assets Net plant and equipment $ $ BALANCE SHEET, YEAR-END, 2019 Liabilities Current liabilities $ 6,000 Accounts payable 11,000 Total current liabilities 33,000 Long-term debt $ 50,000 Stockholders' equity 240,000 Common stock plus additional paid-in capital Retained earnings $ 290,000 Total liabilities plus stockholders' equity 13,000 13,000 200,000 15,000 62,000 $ 290,000 Total assets F A B C 1 sales 2 costs 3 EBIT 4 interest 5 tax income . 6 taxes 7 Net income 8 dividends 9 add to retained earnings DE 390000 390000 260000 260000 130000 20000 20000 110000 23100 86900 15015 15015 15015 10 11 12 13 increase in fixed assets 14 increase in current assets 15 less 16 total needed 17 ret earnings 54000 54000 12000 12000 4200 ($4,200.00) $61,800.00 -15015 $46,785.00 18 19 B =300000*1.3 =200000*1.3 =D1 =D2 -E1-E2 =200000*0.1 =D4 sales - costs E EBIT interest tax income taxes - Net income dividends add to retained earn =E3-E4 =E5*0.21 =E5-E6 =50050*0.3 =D8 =E8 3 increase in fixed ass 4 increase in current a s less 6 total needed 7 ret earnings =180000*0.3 =40000*0.3 =14000*0.3 =D13 =D14 =-D15 =E13+E14+E15 - 15015 =E16+E17 90