The following balance sheet and income statement should be used: Hilltop, Inc. 2009 Income Statement Net Sales Less: Cost of Goods Sold Less: Depreciation Earnings Before Interest and Taxes Less: Interest Paid Taxable Income Less: Taxes Net Income Dividends Additions to retained earnings Hilltop, Inc. 2009 Balance Sheet Cash Accounts rec Inventory Total Net fixed assets Total assets $3,160 Accounts Payable 4,160 Long-term debt 6,480 Common stock $13,800 Retained earnings 29,400 $43,200 Total liabilities & equity $38,900 31,400 2,600 4,900 1,800 $3,100 1,150 $1,950 $390 $1,560 $8,120 21,200 7,500 6,380 $43,200 Hilltop, Inc. is currently operating at 82% of capacity. The profit margin and the dividend payout ratio are constant. Net working capital and fixed assets vary directly with sales. Sales are projected to increase by 20 percent. What is the external financing need?

The following balance sheet and income statement should be used: Hiltop. Inc. is currently operating at 82% of capocity. The profit margin and the dividend poyout fatio are constant. Net working capital and fixed assets vary directly with sales. Sales are projected to increase by 20 percent What is the external financing need