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The most recent financial statements for Cardinal, Inc., are shown here: Income Statement Sales $23,900 Assets Costs 17,200 Taxable $6,700 Total income Taxes (24%) 1,608
The most recent financial statements for Cardinal, Inc., are shown here: Income Statement Sales $23,900 Assets Costs 17,200 Taxable $6,700 Total income Taxes (24%) 1,608 Net income $5,092 Balance Sheet $119,000 Debt Equity $119,000 Total $44,600 74,400 $119,000 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,610 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $28,700. What is the external financing needed
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