The most recent financial statements for GPS, Inc., are shown here:

Income StatementBalance SheetSales$23,000Assets$121,000Debt$47,600Costs15,600

Equity73,400Taxable income$7,400Total$121,000

Total$121,000

Taxes (40%)2,960Net income$4,440

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,500 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $29,100.

Required:What is the external financing needed?

rev: 09_17_2012

$198,358

$24,630

$28,371

$23,383

$22,135