Question
The most recent financial statements for Bradley, Inc., are shown here (assuming no income taxes): Income Statement Sales $8,400 Costs 5,040 Net income $3,360 Balance
The most recent financial statements for Bradley, Inc., are shown here (assuming no income taxes):
| Income Statement | |||||
| Sales | $8,400 | ||||
| Costs | 5,040 | ||||
| Net income | $3,360 | ||||
| Balance Sheet | |||||
| Assets | $26,880 | Debt | $11,000 | ||
| Equity | 15,880 | ||||
| Total | $26,880 | Total | $26,880 | ||
Assets and costs are proportional to sales. Debt and equity are not. No dividends are paid. Next years sales are projected to be $10,668. What is the external financing needed? (A negative value should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to the nearest whole number.)
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Intermediate Accounting
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
11th edition
978-0538467087, 9781111781262, 538467088, 1111781265, 978-0324659139
