Question
The most recent financial statements for Cardinal, Incorporated, are shown here: Income Statement Balance Sheet Sales $ 22,700 Assets $ 116,000 Debt $ 32,600 Costs
The most recent financial statements for Cardinal, Incorporated, are shown here: Income Statement Balance Sheet Sales $ 22,700 Assets $ 116,000 Debt $ 32,600 Costs 16,400 Equity 83,400 Taxable income $ 6,300 Total $ 116,000 Total $ 116,000 Taxes (21%) 1,323 Net income $ 4,977 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,630 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $28,200. What is the external financing needed?Multiple Choice
$17,940
$23,948
$20,343
$215,113
$19,142
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