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The most recent financial statements for Cornell, Inc., are shown here: INCOME STATEMENT BALANCE SHEET Sales $ 30,000 Assets $ 56,100 Debt $ 20,500 Costs
The most recent financial statements for Cornell, Inc., are shown here:
INCOME STATEMENT | BALANCE SHEET | ||||||||||
Sales | $ | 30,000 | Assets | $ | 56,100 | Debt | $ | 20,500 | |||
Costs | 22,000 | Equity | 35,600 | ||||||||
Taxable income | $ | 8,000 | Total | $ | 56,100 | Total | $ | 56,100 | |||
Taxes (40%) | 3,200 | ||||||||||
Net income | $ | 4,800 | |||||||||
Assets and costs are proportional to sales. Debt and equity are not. A dividend of $2,200 was paid, and the company wishes to maintain a constant payout ratio. Next years sales are projected to be $33,000. |
What is the external financing needed? (Do not round intermediate calculations.) |
External financing needed | $ |
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