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The most recent financial statements for Cardinal, Inc., are shown here: Income Statement Balance Sheet Sales $ 28,200 Assets $ 67,600 Debt $ 31,800 Costs

The most recent financial statements for Cardinal, Inc., are shown here:

Income Statement Balance Sheet
Sales $ 28,200 Assets $ 67,600 Debt $ 31,800
Costs 18,050 Equity 35,800
Taxable income $ 10,150 Total $ 67,600 Total $ 67,600
Taxes (24%) 2,436
Net income $ 7,714

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $3,000 was paid, and the company wishes to maintain a constant payout ratio. Next years sales are projected to be $33,276.

What is the external financing needed?

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