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The most recent financial statements for Minnie's Manufacturing Co. are shown below: Income Statement Balance Sheet Sales $ 92,400 Current assets $ 33,000 Debt $
| The most recent financial statements for Minnie's Manufacturing Co. are shown below: |
| Income Statement | Balance Sheet | |||||||
| Sales | $ | 92,400 | Current assets | $ | 33,000 | Debt | $ | 43,200 |
| Costs | 66,750 | Fixed assets | 93,800 | Equity | 83,600 | |||
| Taxable income | $ | 25,650 | Total | $ | 126,800 | Total | $ | 126,800 |
| Tax | 5,900 | |||||||
| Net Income | $ | 19,750 | ||||||
| Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 45 percent dividend payout ratio. No external financing is possible. | |
| What is the internal growth rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) | |
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