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The most recent financial statements for Cardinal, Inc., are shown here: Income Statement Balance Sheet Sales $ 31,000 Assets $ 73,200 Debt $ 36,700 Costs
The most recent financial statements for Cardinal, Inc., are shown here: |
Income Statement | Balance Sheet | ||||||||||
Sales | $ | 31,000 | Assets | $ | 73,200 | Debt | $ | 36,700 | |||
Costs | 18,400 | Equity | 36,500 | ||||||||
Taxable income | $ | 12,600 | Total | $ | 73,200 | Total | $ | 73,200 | |||
Taxes (22%) | 2,772 | ||||||||||
Net income | $ | 9,828 | |||||||||
Assets and costs are proportional to sales. Debt and equity are not. A dividend of $3,700 was paid, and the company wishes to maintain a constant payout ratio. Next years sales are projected to be $35,340. |
What is the external financing needed? (Do not round intermediate calculations.) |
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