The most recent financial statements for Assouad, Inc., are shown here: Income Statement Balance Sheet Sales $ 11,900 Current assets $ 6,000 Current liabilities $ 3,600 Costs 8,500 Fixed assets 10,600 Long-term debt 5,100 Taxable income $ 3,400 Equity 7,900 Taxes (24%) 816 Total $ 16,600 Total $ 16,600 Net income $ 2,584 Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 45 percent dividend payout ratio. As with every other firm in its industry, next years sales are projected to increase by exactly 17 percent.