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The most recent financial statements for Cornell, Inc., are shown here: INCOME STATEMENT BALANCE SHEET Sales $ 26,200 Assets $ 116,000 Debt $ 24,400 Costs
The most recent financial statements for Cornell, Inc., are shown here: |
INCOME STATEMENT | BALANCE SHEET | |||||||
Sales | $ | 26,200 | Assets | $ | 116,000 | Debt | $ | 24,400 |
Costs | 15,100 | Equity | 91,600 | |||||
Taxable income | $ | 11,100 | Total | $ | 116,000 | Total | $ | 116,000 |
Taxes (36%) | 3,996 | |||||||
Net income | $ | 7,104 | ||||||
Assets and costs are proportional to sales. Debt and equity are not. A dividend of $3,042.6 was paid, and the company wishes to maintain a constant payout ratio. Next years sales are projected to be $34,322. What is the external financing needed? (Do not include the dollar sign ($). Round your answer to to 2 decimal places. (e.g., 32.16)) |
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